Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended December 31,			Years Ended March 31,
	2010			2010			2009			2008			2007
Earnings (loss) from operations before income tax provision	$	262,571		$	329,656		$	(3,188,197	)	$	437,327		$	1,043,854
Fixed Charges:
Interest Expense		67,350			124,617			177,588			87,993			72,123
Interest on uncertain tax positions included in earnings (loss) from operations before income tax provision1		2,289			1,700			5,217			1,232			(649	)
Portion of rental expenses representative of interest factor2		32,301			43,066			37,487			39,080			32,383
Earnings (loss) available for fixed charges	$	364,511		$	499,039		$	(2,967,905	)	$	565,632		$	1,147,711
Fixed Charges:
Interest Expense	$	69,639		$	126,317		$	182,805		$	89,225		$	71,474
Interest expense included in interest expense not related to third party indebtedness1		(2,289	)		(1,700	)		(5,217	)		(1,232	)		649
Portion of rental expense representative of interest factor2		32,301			43,066			37,487			39,080			32,383
Total Fixed Charges	$	99,651		$	167,683		$	215,075		$	127,073		$	104,506
Consolidated ratio of earnings (loss) to fixed charges		3.7			3.0			(13.8	)		4.5			11.0

1)   The portion of interest related to uncertain tax positions is excluded from the calculation.

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