Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Six Months Ended September 30,			Years ended March 31,
	2011			2011			2010			2009			2008
Earnings (loss) from operations before income tax provision	$	145,342		$	365,197		$	329,656		$	(3,188,197	)	$	437,327
Fixed Charges:
Interest Expense	44,451			89,598			124,573			177,588			87,993
Interest on uncertain tax positions included in earnings (loss) from operations before income tax provision1	(454		)	2,559			1,700			5,217			1,232
Portion of rental expenses representative of interest factor2	21,036			42,074			43,066			37,487			39,080
Earnings (loss) available for fixed charges	$	210,375		$	499,428		$	498,995		$	(2,967,905	)	$	565,632
Fixed Charges:
Interest Expense	$	43,997		$	92,157		$	126,273		$	182,805		$	89,225
Interest expense included in interest expense not related to third party indebtedness1	454			(2,559		)	(1,700		)	(5,217		)	(1,232		)
Portion of rental expense representative of interest factor2	21,036			42,074			43,066			37,487			39,080
Total Fixed Charges	$	65,487		$	131,672		$	167,639		$	215,075		$	127,073
Consolidated ratio of earnings (loss) to fixed charges	3.2			3.8			3.0			(13.8		)	4.5

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.