EXHIBIT 12.1
DONALDSON, LUFKIN & JENRETTE, INC.
SCHEDULE OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)
FOR THE YEARS ENDED
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1994 1995 1996 1997 1998
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Earnings:
Income before provision for
Income taxes $ 205,000 $ 298,500 $ 473,800 $ 661,100 $ 600,500
Add: Fixed Charges
Interest expense (gross) 2,116,655 2,699,769 2,865,800 4,012,209 4,501,242
Interest factor in rents 18,565 22,064 25,515 29,351 38,517
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Total fixed charges 2,135,220 2,721,833 2,891,315 4,041,560 4,539,759
Earnings before fixed charges
and provision for income taxes $2,340,220 $3,020,333 $3,365,115 $4,702,660 $5,140,259
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Ratio of earnings to fixed charges 1.10 1.11 1.16 1.16 1.13
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DONALDSON, LUFKIN & JENRETTE, INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
(In thousands, except for ratio)
FOR THE YEARS ENDED
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1994 1995 1996 1997 1998
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Earnings:
Income before provision for
Income taxes $ 205,000 $ 298,500 $ 473,800 $ 661,100 $ 600,500
Add: Fixed Charges
Interest (gross) 2,116,655 2,699,769 2,865,800 4,012,209 4,501,242
Interest factor in rents 18,565 22,064 22,515 29,351 38,517
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Total fixed charges 2,135,220 2,721,833 2,891,315 4,041,560 4,539,759
Add: Preferred dividends 20,970 19,868 18,653 12,144 21,310
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Combined fixed charges and
preferred dividends 2,156,190 2,741,701 2,909,968 4,053,704 4,561,069
Earnings before fixed charges
and provision for income taxes $2,340,220 $3,020,333 $3,365,115 $4,702,660 $5,140,259
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Ratio of earnings to fixed charges
end preferred dividends 1.09 1.10 1.16 1.16 1.13
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