EX-12.(B) 5 ex12btos-3a_010903.txt EXHIBIT 12(B) TO FORM S-3/A EXHIBIT 12(b) Legg Mason, Inc. Computation of Consolidated Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands)
Six Years ended March 31, Months ended September, 2002 2002 2001 2000 1999 1998 --------------- ----------------------------------------------------------------- Earnings before income taxes $ 152,603 $253,249 $265,820 $254,438 $156,811 $ 127,565 Fixed Charges Interest expense 49,102 127,271 175,389 134,383 94,974 73,776 Portion of rental expense representative of interest factor* 9,665 23,341 22,315 17,312 14,457 12,823 Earnings available for fixed charges $211,370 $403,861 $463,524 $406,133 $266,242 $214,164 Fixed Charges: Interest expense $ 49,102 $127,271 $175,389 $134,383 $ 94,974 $ 73,776 Portion of rental expense representative of interest factor* 9,665 23,341 22,315 17,312 14,457 12,823 Total fixed charges $ 58,767 $150,612 $197,704 $151,695 $109,431 $ 86,599 Preferred stock dividends $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Consolidated ratio of earnings to combined fixed charges and preferred stock dividends 3.6 2.7 2.3 2.7 2.4 2.5
* The portion of rental expense representative of interest factor is calculated as one-third of the total of Rent, DP Service Bureau and Equipment Rental expenses.