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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Net earnings | $ 6,214 | $ 7,398 | $ 6,083 | $ 8,477 | $ 8,040 | $ 7,475 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Provision for taxes | 1,810 | 2,906 | 2,695 | 3,880 | 3,697 | 3,732 | ||||||||||||||||||||||
Portion of rents representative of an interest factor | 69 | 81 | 83 | 103 | 108 | 125 | ||||||||||||||||||||||
Interest expense on all indebtedness | 7,343 | 7,104 | 5,388 | 5,557 | 6,668 | 7,501 | ||||||||||||||||||||||
Pre-tax earnings, as adjusted | $15,436 | $17,489 | $14,249 | $18,017 | $18,513 | $18,833 | ||||||||||||||||||||||
Fixed charges 1: | ||||||||||||||||||||||||||||
Portion of rents representative of an interest factor | $ 69 | $ 81 | $ 83 | $ 103 | $ 108 | $ 125 | ||||||||||||||||||||||
Interest expense on all indebtedness | 7,370 | 7,127 | 5,403 | 5,569 | 6,672 | 7,509 | ||||||||||||||||||||||
Total fixed charges | $ 7,439 | $ 7,208 | $ 5,486 | $ 5,672 | $ 6,780 | $ 7,634 | ||||||||||||||||||||||
Preferred stock dividend requirements | 499 | 804 | 743 | 583 | 458 | 274 | ||||||||||||||||||||||
Total combined fixed charges and preferred stock dividends | $ 7,938 | $ 8,012 | $ 6,229 | $ 6,255 | $ 7,238 | $ 7,908 | ||||||||||||||||||||||
Ratio of earnings to fixed charges | 2.08x | 2.43x | 2.60x | 3.18x | 2.73x | 2.47x | ||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.94x | 2.18x | 2.29x | 2.88x | 2.56x | 2.38x | ||||||||||||||||||||||
| 1. | Fixed charges include capitalized interest of $27 million for the nine months ended September 2017, $23 million for 2016, $15 million for 2015, $12 million for 2014, $4 million for 2013 and $8 million for 2012. |
