EX-12.1 3 v15366exv12w1.htm EXHIBIT 12.1 exv12w1
 

EXHIBIT 12.1
JEFFERIES GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands, except for per share amounts)
                                                 
                                            Nine  
    Year Ended December 31,     Months  
    2004     2003     2002     2001     2000     2005  
Fixed Charges:
                                                
Interest expense on long-term indebtedness
   $ 40,256     $ 23,987     $ 23,419     $ 12,035     $ 12,035     $ 35,421  
Interest portion of rent expense
     9,437       7,636       6,037       5,105       4,178       8,181  
 
                                    
Total fixed charges
   $ 49,693     $ 31,623     $ 29,456     $ 17,140     $ 16,213     $ 43,602  
 
                                    
 
                                                
Earnings:
                                                
Earnings before income taxes and minority interest
   $ 226,989     $ 144,533     $ 103,692     $ 102,652     $ 95,393     $ 190,020  
Total fixed charges
     49,693       31,623       29,456       17,140       16,213       43,602  
 
                                    
Total earnings
   $ 276,682     $ 176,156     $ 133,148     $ 119,792     $ 111,606     $ 233,622  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges (1)
     5.6       5.6       4.5       7.0       6.9       5.4  
 
(1)   The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by (b) fixed charges. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).