The Goldman Sachs Group, Inc. (GS) 10-Q 2010 Q3 Quarterly report

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

	Nine Months			Year Ended
	Ended September			December			Year Ended November
	2010			2009			2008			2007			2006
	($ in millions)
Net earnings	$	5,967		$	13,385		$	2,322		$	11,599		$	9,537
Add:
Provision for taxes		3,451			6,444			14			6,005			5,023
Portion of rents representative of an interest factor		125			145			146			137			135
Interest expense on all indebtedness		5,075			6,500			31,357			41,981			31,688
Pre-tax earnings, as adjusted	$	14,618		$	26,474		$	33,839		$	59,722		$	46,383
Fixed charges(1):
Portion of rents representative of an interest factor	$	125		$	145		$	146		$	137		$	135
Interest expense on all indebtedness		5,079			6,570			31,444			42,051			31,755
Total fixed charges	$	5,204		$	6,715		$	31,590		$	42,188		$	31,890
Preferred stock dividend requirements		758			1,767			283			291			212
Total combined fixed charges and preferred stock dividends	$	5,962		$	8,482		$	31,873		$	42,479		$	32,102
Ratio of earnings to fixed charges		2.81	x		3.94	x		1.07	x		1.42	x		1.45	x
Ratio of earnings to combined fixed charges and preferred stock dividends		2.45	x		3.12	x		1.06	x		1.41	x		1.44	x

⁽¹⁾ Fixed charges include capitalized interest of $4 million, $70 million, $87 million, $70 million and $67 million for the nine months ended September 2010 and years ended December 2009, November 2008, November 2007 and November 2006, respectively.