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- 10-K Annual report
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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
| Year Ended December | ||||||||||||||||||||
| $ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Net earnings | $ 4,286 | $ 7,398 | $ 6,083 | $ 8,477 | $ 8,040 | |||||||||||||||
Add: | ||||||||||||||||||||
Provision for taxes | 6,846 | 2,906 | 2,695 | 3,880 | 3,697 | |||||||||||||||
Portion of rents representative of an interest factor | 91 | 81 | 83 | 103 | 108 | |||||||||||||||
Interest expense on all indebtedness | 10,181 | 7,104 | 5,388 | 5,557 | 6,668 | |||||||||||||||
Pre-tax earnings, as adjusted | $21,404 | $17,489 | $14,249 | $18,017 | $18,513 | |||||||||||||||
Fixed charges 1: | ||||||||||||||||||||
Portion of rents representative of an interest factor | $ 91 | $ 81 | $ 83 | $ 103 | $ 108 | |||||||||||||||
Interest expense on all indebtedness | 10,229 | 7,127 | 5,403 | 5,569 | 6,672 | |||||||||||||||
Total fixed charges | $10,320 | $ 7,208 | $ 5,486 | $ 5,672 | $ 6,780 | |||||||||||||||
Preferred stock dividend requirements | 1,561 | 804 | 743 | 583 | 458 | |||||||||||||||
Total combined fixed charges and preferred stock dividends | $11,881 | $ 8,012 | $ 6,229 | $ 6,255 | $ 7,238 | |||||||||||||||
Ratio of earnings to fixed charges | 2.07x | 2.43x | 2.60x | 3.18x | 2.73x | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.80x | 2.18x | 2.29x | 2.88x | 2.56x | |||||||||||||||
| 1. | Fixed charges include capitalized interest of $48 million for 2017, $23 million for 2016, $15 million for 2015, $12 million for 2014 and $4 million for 2013. |