Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Dollar amounts in millions)
| Year ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| Income before income taxes |
$ | 3,470 | $ | 3,135 | $ | 3,021 | $ | 1,272 | $ | 1,016 | ||||||||||
| Less: Net income (loss) attributable to non-controlling interests(1) |
(18 | ) | 2 | (13 | ) | 22 | (155 | ) | ||||||||||||
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| Pre-tax income attributable to BlackRock, Inc. |
3,488 | 3,133 | 3,034 | 1,250 | 1,171 | |||||||||||||||
| Add: Fixed charges |
261 | 236 | 209 | 104 | 102 | |||||||||||||||
| Distributions of earnings from equity method investees |
42 | 30 | 14 | 18 | 28 | |||||||||||||||
| Less: (Losses) earnings from equity method investees |
175 | 23 | 141 | 30 | (294 | ) | ||||||||||||||
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| Pre-tax income before fixed charges |
$ | 3,616 | $ | 3,376 | $ | 3,116 | $ | 1,342 | $ | 1,595 | ||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 215 | $ | 176 | $ | 150 | $ | 68 | $ | 69 | ||||||||||
| Interest expense on uncertain tax positions(2) |
3 | 10 | 8 | 8 | 5 | |||||||||||||||
| Portion of rent representative of interest |
43 | 50 | 51 | 28 | 28 | |||||||||||||||
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| Total fixed charges |
$ | 261 | $ | 236 | $ | 209 | $ | 104 | $ | 102 | ||||||||||
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| Ratio of earnings to fixed charges |
13.9x | 14.3x | 14.9x | 12.9x | 15.6x | |||||||||||||||
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| (1) | Amount includes redeemable and nonredeemable non-controlling interests. |
| (2) | Interest expense on uncertain tax positions, in accordance with ASC 740-10, Income Taxes, has been recorded within income tax expense on the consolidated statements of income. |