EXHIBIT 12 Berkshire Hathaway Inc. Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges (Dollars in millions) Three Months Ended Years Ended December 31, -------------- ------------------------------------------------ March 31, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ Net earnings $ 1,550 $ 8,151 $ 4,286 $ 795 $ 3,328 $1,557 Income tax expense 733 3,805 2,059 590 1,997 852 Minority interests in earnings 17 64 14 53 241 41 Equity in earnings of MidAmerican Energy Holdings Company (138) (429) (359) (134) (85) - Fixed charges * 270 614 840 1,069 986 773 ------- ------- ------- ------- ------- ------ Earnings available for fixed charges $ 2,432 $12,205 $ 6,840 $ 2,373 $ 6,467 $3,223 ======= ======= ======= ======= ======= ====== Realized investment gains, pre-tax, included in earnings available for fixed charges $ 647 $ 4,129 $ 918 $ 1,488 $ 4,499 $1,247 ======= ======= ======= ======= ======= ====== Fixed charges * Interest on indebtedness (including amortization of debt discount and expense) $ 233 $ 472 $ 725 $ 968 $ 916 $ 715 Rentals representing interest 37 142 115 101 70 58 ------- ------- ------- ------- ------- ------ $ 270 $ 614 $ 840 $ 1,069 $ 986 $ 773 ======= ======= ======= ======= ======= ====== Ratio of earnings to fixed charges * 9.01x 19.88x 8.14x 2.22x 6.56x 4.17x ======= ======= ======= ======= ======= ====== Ratio of earnings, excluding realized investment gains, to fixed charges * 6.61x 13.15x 7.05x 0.83x 2.00x 2.56x ======= ======= ======= ======= ======= ====== - ------------- * Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows: Three Months Ended Years Ended December 31, -------------- ------------------------------------------------- March 31, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ $ 203 $ 337 $ 551 $ 775 $ 786 $ 586 Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows: Three Months Ended Years Ended December 31, -------------- ------------------------------------------------- March 31, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ Including realized investment gains 33.27x 42.84x 21.76x 5.44x 28.41x 14.10x Excluding realized investment gains 23.61x 27.94x 18.58x 0.37x 5.91x 7.43x