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 Ended September | Year Ended December | |||||||||||||||||||||||||
| $ in millions | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Net earnings | $ 5,318 | $ 8,477 | $ 8,040 | $ 7,475 | $ 4,442 | $ 8,354 | ||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Provision for taxes | 2,388 | 3,880 | 3,697 | 3,732 | 1,727 | 4,538 | ||||||||||||||||||||
Portion of rents representative of an interest factor | 63 | 103 | 108 | 125 | 159 | 169 | ||||||||||||||||||||
Interest expense on all indebtedness | 3,940 | 5,557 | 6,668 | 7,501 | 7,982 | 6,806 | ||||||||||||||||||||
Pre-tax earnings, as adjusted | $11,709 | $18,017 | $18,513 | $18,833 | $14,310 | $19,867 | ||||||||||||||||||||
Fixed charges 1: | ||||||||||||||||||||||||||
Portion of rents representative of an interest factor | $ 63 | $ 103 | $ 108 | $ 125 | $ 159 | $ 169 | ||||||||||||||||||||
Interest expense on all indebtedness | 3,950 | 5,569 | 6,672 | 7,509 | 7,987 | 6,810 | ||||||||||||||||||||
Total fixed charges | $ 4,013 | $ 5,672 | $ 6,780 | $ 7,634 | $ 8,146 | $ 6,979 | ||||||||||||||||||||
Preferred stock dividend requirements | 470 | 583 | 458 | 274 | 2,683 | 989 | ||||||||||||||||||||
Total combined fixed charges and preferred stock dividends | $ 4,483 | $ 6,255 | $ 7,238 | $ 7,908 | $10,829 | $ 7,968 | ||||||||||||||||||||
Ratio of earnings to fixed charges | 2.92x | 3.18x | 2.73x | 2.47x | 1.76x | 2.85x | ||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.61x | 2.88x | 2.56x | 2.38x | 1.32x | 2.49x | ||||||||||||||||||||
| 1. | Fixed charges include capitalized interest of $10 million for the nine months ended September 2015, $12 million for 2014, $4 million for 2013, $8 million for 2012, $5 million for 2011 and $4 million for 2010. |
