EX-12.1 7 v88446kexv12w1.txt EX-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, ------------------------------------------------------------ 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Fixed Charges: Interest expense on long-term indebtedness ..................... $ 23,419 $ 12,035 $ 12,035 $ 12,035 $ 12,035 Interest portion of rent expense ... 6,037 5,105 4,178 3,109 2,432 -------- -------- -------- -------- -------- Total fixed charges ................ $ 29,456 $ 17,140 $ 16,213 $ 15,144 $ 14,467 ======== ======== ======== ======== ======== Earnings: Earnings before income taxes ....... $103,692 $102,652 $ 95,393 $ 84,095 $ 59,193 Total fixed charges ................ 29,456 17,140 16,213 15,144 14,467 -------- -------- -------- -------- -------- Total earnings ..................... $133,148 $119,792 $111,606 $ 99,239 $ 73,660 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (1) 4.5 7.0 6.9 6.6 5.1
(1) The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by (b) 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).