Goldman Sachs 2012 Annual Report Download - page 34

32 Goldman Sachs 2012 Annual Report
Financial Highlights
As of or for the Year Ended December
$ and share amounts in millions, except per share amounts 2012 2011 2010
Operating Results
Net revenues $ 34,163 $ 28,811 $ 39,161
Pre-tax earnings 11,207 6,169 12,892
Net earnings 7,475 4,442 8,354
Net earnings applicable to common shareholders 7,292 2,510 7,713
Return on average common shareholders’ equity 10.7% 3.7% 11.5%
Common Share Data
Diluted earnings per common share $ 14.13 $ 4.51 $ 13.18
Average diluted common shares outstanding 516.1 556.9 585.3
Dividends declared per common share $ 1.77 $ 1.40 $ 1.40
Book value per common share 144.67 130.31 128.72
Tangible book value per common share
1 134.06 119.72 118.63
Ending stock price 127.56 90.43 168.16
Financial Condition and Selected Ratios
Total assets $ 938,555 $ 923,225 $ 911,332
Unsecured long-term borrowings 167,305 173,545 174,399
Total shareholders’ equity 75,716 70,379 77,356
Leverage ratio
2 12.4x 13.1x 11.8x
Adjusted leverage ratio
2 9.1x 8.6x 7.6x
Tier 1 capital ratio
3 16.7% 13.8% 16.0%
Tier 1 common ratio
3 14.5% 12.1% 13.3%
Selected Data
Total staff 32,400 33,300 35,700
Assets under supervision (in billions) $ 965 $ 895 $ 917
1. Tangible book value per common share is computed by dividing tangible common shareholders’ equity (total shareholders’ equity less preferred stock, goodwill
and identifiable intangible assets) by the number of common shares outstanding, including restricted stock units granted to employees with no future service
requirements. See “Financial Information — Management’s Discussion and Analysis — Equity Capital — Other Capital Metrics” for further information about our
tangible common shareholders’ equity and tangible book value per common share, which are both non-GAAP measures.
2. The leverage ratio equals total assets divided by total shareholders’ equity. The adjusted leverage ratio equals adjusted assets divided by total shareholders’ equity.
See “Financial Information — Management’s Discussion and Analysis — Balance Sheet and Funding Sources — Balance Sheet Analysis and Metrics” for further
information about our adjusted assets and adjusted leverage ratio, which are both non-GAAP measures.
3. The Tier 1 capital ratio and the Tier 1 common ratio are computed using risk-weighted assets (RWAs) calculated in accordance with the Federal Reserve Board’s
risk-based capital requirements (which are based on Basel 1). The Tier 1 common ratio equals Tier 1 common capital divided by RWAs. See “Financial Information —
Management’s Discussion and Analysis — Equity Capital” for further information about our Tier 1 common ratio, which is a non-GAAP measure, and our Tier 1
capital ratio.