EX-12 3 r10q-ex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12            

LEGG MASON, INC. AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(Dollars in thousands)



             
  Nine Months          
  Ended   Years Ended March 31,  
  December, 2003 2003   2002   2001   2000   1999  
 
Earnings from continuing operations
            
before income tax provision
$ 325,657   
$ 306,856
$ 251,144
$ 261,269
$ 250,391
$ 154,151
Fixed Charges:
            
Interest Expense
46,291   
85,997
125,342
173,359
131,534
92,910
Portion of rental expense
            
representative of interest factor(1)
16,852   
22,469
23,341
22,315
17,312
14,457
 
Earnings available for fixed charges
$ 388,800   
$ 415,322
$ 399,827
$ 456,943
$ 399,237
$ 261,518
 
Fixed Charges:
            
Interest Expense
$   46,291   
$   85,997
$ 125,342
$ 173,359
$ 131,534
$   92,910
Portion of rental expense
            
representative of interest factor(1)
16,852   
22,469
23,341
22,315
17,312
14,457
 
Total Fixed Charges
$   63,143   
$ 108,466
$ 148,683
$ 195,674
$ 148,846
$ 107,367
 
Consolidated ratio of earnings
            
to fixed charges
6.2     
3.8   
2.7   
2.3   
2.7   
2.4   
 


(1) The portion of rental expense representative of interest factor is calculated as one third of the total Rent, Marketing Data Services, Maintenance, DP Service Bureau and Equipment Rental expenses