<Page> EXHIBIT 12.01 LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN MILLIONS) (UNAUDITED) <Table> <Caption> For the Three Months For the Twelve Months Ended November 30 Ended ------------------------------------------------------ Feb. 28, 1997 1998 1999 2000 2001 2002 ---------- ---------- ---------- ---------- ---------- ----------- Pre-tax earnings from continuing operations $ 937 $ 1,052 $ 1,631 $ 2,579 $ 1,748 $ 440 Add: Fixed charges (excluding capitalized interest) 13,043 15,813 13,681 18,778 15,724 2,643 ---------- ---------- ---------- ---------- ---------- ----------- Pre-tax earnings before fixed charges 13,980 16,865 15,312 21,357 17,472 3,083 ========== ========== ========== ========== ========== =========== Fixed charges: Interest 13,010 15,781 13,649 18,740 15,656 2,620 Other (a) 41 47 71 57 78 29 ---------- ---------- ---------- ---------- ---------- ----------- Total fixed charges 13,051 15,828 13,720 18,797 15,734 2,649 ---------- ---------- ---------- ---------- ---------- ----------- Preferred stock dividend requirements 109 124 174 195 192 65 ---------- ---------- ---------- ---------- ---------- ----------- Total combined fixed charges and preferred stock dividends $ 13,160 $ 15,952 $ 13,894 $ 18,992 $ 15,926 $ 2.714 ========== ========== ========== ========== ========== =========== RATION OF EARNINGS TO FIXED CHARGES 1.07 1.07 1.12 1.14 1.11 1.16 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.06 1.06 1.10 1.12 1.10 1.14 </Table> (a) Other fixed charges consist of the interest factor in rentals and capitalized interest.