Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended December 31, 2007			Years Ended March 31,
				2007			2006			2005			2004
Earnings from operations before income tax provision	$	836,759		$	1,043,854		$	715,462		$	470,758		$	301,563
Fixed Charges:
Interest Expense		54,608			71,474			52,648			44,765			44,734
Interest on uncertain tax positions included in earnings from operations before income tax provision2		900			(649	)		780			520			—
Portion of rental expenses representative of interest factor1		24,287			32,383			15,969			9,237			7,736
Earnings available for fixed charges	$	916,554		$	1,147,062		$	784,859		$	525,280		$	354,033
Fixed Charges:
Interest Expense	$	54,608		$	71,474		$	52,648		$	44,765		$	44,734
Interest expense included in interest expense not related to third party indebtedness2		(900	)		649			(780	)		(520	)		—
Portion of rental expense representative of interest factor1		24,287			32,383			15,969			9,237			7,736
Total Fixed Charges	$	77,995		$	104,506		$	67,837		$	53,482		$	52,470
Consolidated ratio of earnings to fixed charges		11.8			11.0			11.6			9.8			6.7

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

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