EX-12.1 3 v96962exv12w1.htm EXHIBIT 12.1 Jefferies Group, Exhibit 12.1
 

EXHIBIT 12.1
JEFFERIES GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands, except for per share amounts)

                                         
    Year Ended December 31,
    2003
   2002
   2001
   2000
   1999
Fixed Charges:
                                        
Interest expense on long-term indebtedness
   $ 23,987     $ 23,419     $ 12,035     $ 12,035     $ 12,035  
Interest portion of rent expense
     7,636       6,037       5,105       4,178       3,109  
 
    
 		      
 		      
 		      
 		      
 		  
Total fixed charges
   $ 31,623     $ 29,456     $ 17,140     $ 16,213     $ 15,144  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings:
                                        
Earnings before income taxes and minority interest
   $ 144,533     $ 103,692     $ 102,652     $ 95,393     $ 84,095  
Total fixed charges
     31,623       29,456       17,140       16,213       15,144  
 
    
 		      
 		      
 		      
 		      
 		  
Total earnings
   $ 176,156     $ 133,148     $ 119,792     $ 111,606     $ 99,239  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Fixed Charges (1)
     5.6       4.5       7.0       6.9       6.6  

     (1) The ratio of earnings to fixed charges is computed by dividing (a) earnings before income taxes and minority interest plus total fixed charges by (b) total fixed charges. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).