The Goldman Sachs Group, Inc. (GS) 10-K2009 FY Annual report

Filed: 1 Mar 10, 12:00am

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EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS

TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS


																One Month
	Year Ended															Ended
	December			Year Ended November												December
	2009			2008			2007			2006			2005			2008
	($ in millions)
Net earnings/(loss)	$	13,385		$	2,322		$	11,599		$	9,537		$	5,626		$	(780	)
Add:
Provision/(benefit) for taxes		6,444			14			6,005			5,023			2,647			(478	)
Portion of rents representative of an interest factor		145			146			137			135			119			13
Interest expense on all indebtedness		6,500			31,357			41,981			31,688			18,153			1,002


Pre-tax earnings/(loss), as adjusted	$	26,474		$	33,839		$	59,722		$	46,383		$	26,545		$	(243	)


Fixed charges⁽¹⁾:
Portion of rents representative of an interest factor	$	145		$	146		$	137		$	135		$	119		$	13
Interest expense on all indebtedness		6,570			31,444			42,051			31,755			18,161			1,008


Total fixed charges	$	6,715		$	31,590		$	42,188		$	31,890		$	18,280		$	1,021


Preferred stock dividend requirements		1,767			283			291			212			25			400

Total combined fixed charges and preferred stock dividends	$	8,482		$	31,873		$	42,479		$	32,102		$	18,305		$	1,421


Ratio of earnings to fixed charges		3.94	x		1.07	x		1.42	x		1.45	x		1.45	x		N/A⁽²	⁾


Ratio of earnings to combined fixed charges and preferred stock dividends		3.12	x		1.06	x		1.41	x		1.44	x		1.45	x		N/A⁽²	⁾


⁽¹⁾	Fixed charges include capitalized interest of $70 million, $87 million, $70 million, $67 million, $8 million and $6 million for years ended December 2009, November 2008, November 2007, November 2006 and November 2005 and one month ended December 2008, respectively.

⁽²⁾	Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.