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<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; charset=utf-8">
<META content="MSHTML 6.00.2900.3492" name=GENERATOR></HEAD>
<BODY>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify><B>9.
Earnings Per Share</B></P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>Basic
earnings per share attributable to Legg Mason, Inc. common shareholders (“EPS”)
is calculated by dividing net income or loss attributable to Legg Mason, Inc. by
the weighted average number of shares outstanding. The calculation of weighted
average shares includes common shares and shares exchangeable into common stock.
Diluted EPS is similar to basic EPS, but adjusts for the effect of
potentially issuable common shares, except when inclusion is antidilutive.
</P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>For
periods where a net loss attributable to Legg Mason, Inc. is reported, the
inclusion of potentially issuable common shares will decrease the net loss per
share. Since this would be antidilutive, such shares are excluded from the
calculation. Basic and diluted earnings per share for the three months
ended June 30, 2009 and 2008 include all vested shares of restricted stock
related to Legg Mason’s deferred compensation plans. </P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>The
following table presents the computations of basic and diluted EPS:</P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TBODY>
<TR>
<TD width=234></TD>
<TD width=70></TD>
<TD width=64></TD>
<TD width=72></TD>
<TD width=69></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=368 colSpan=4>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: normal"
align=center>Three Months Ended June 30,</P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=180
colSpan=2>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>2009</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=188
colSpan=2>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>2008</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=313>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=93>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>Basic</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=86>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>Diluted</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 3.6pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>Basic</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=92>
<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=center>Diluted <SUP>(1)</SUP></P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=93>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=86>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=96>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 2pt"> </P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P
style="PADDING-LEFT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt">Weighted
average shares outstanding</P></TD>
<TD vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>142,006</P></TD>
<TD vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>142,006</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>140,505</P></TD>
<TD vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>140,505</P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P
style="PADDING-LEFT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt">Potential
common shares:</P></TD>
<TD vAlign=bottom width=93>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=86>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=96>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 2pt"> </P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P
style="PADDING-LEFT: 25.25pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt">Employee
stock options</P></TD>
<TD vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>17</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=313>
<P
style="PADDING-LEFT: 34.1pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -8.85pt; LINE-HEIGHT: 13pt">Unvested
shares related to deferred compensation</P></TD>
<TD vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>121</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=313>
<P
style="PADDING-LEFT: 32.4pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -7.2pt; LINE-HEIGHT: 13pt">Shares
issuable upon payment of contingent consideration</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>982</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>-</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=313>
<P
style="PADDING-RIGHT: 18pt; PADDING-LEFT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: 0.05pt; LINE-HEIGHT: 13pt">Total
weighted average diluted shares</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>142,006</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>143,126</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>140,505</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>140,505</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=313>
<P
style="PADDING-RIGHT: 18pt; PADDING-LEFT: 25.1pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 13pt">Net
income (loss) attributable to</P>
<P
style="PADDING-RIGHT: 18pt; PADDING-LEFT: 25.1pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 13pt"> Legg
Mason, Inc.</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ 50,054</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ 50,054</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 3.6pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$(36,127)</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 3.6pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$(36,127)</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=313>
<P
style="PADDING-LEFT: 25.1pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -17.9pt; LINE-HEIGHT: 13pt">Net
income (loss) per share attributable to</P>
<P
style="PADDING-LEFT: 25.1pt; FONT-SIZE: 11pt; MARGIN: 0pt; TEXT-INDENT: -17.9pt; LINE-HEIGHT: 13pt"> Legg
Mason, Inc. common shareholders</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=93>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ 0.35</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=86>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ 0.35</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 3.6pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ (0.26)</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=92>
<P
style="PADDING-RIGHT: 3.6pt; FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt"
align=right>$ (0.26)</P></TD></TR>
<TR>
<TD vAlign=bottom width=681 colSpan=5>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 9pt; MARGIN: 0pt; LINE-HEIGHT: 11pt"><SUP>(1)
</SUP> Diluted shares are the same as basic shares for periods
with a loss.</P></TD></TR></TBODY></TABLE>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="MARGIN: 0pt" align=justify><BR>The diluted EPS calculation for the
three months ended June 30, 2008 excludes 4,953 potential common shares that are
antidilutive due to the net loss for the period. Also, the diluted EPS
calculations for the three months ended June 30, 2009 and 2008 exclude any
potential common shares issuable under the convertible 2.5% senior notes or the
convertible Equity Units because the market price of Legg Mason common stock has
not exceeded the price at which conversion under either instrument would be
dilutive using the treasury stock method. </P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>Options
to purchase 5,490 shares for the three months ended June 30, 2009 were not
included in the computation of diluted earnings per share because the presumed
proceeds from exercising such options, including related unamortized cost and
income tax benefits, if any, exceed the average price of the common shares for
the period and therefore the options are deemed antidilutive. Diluted EPS
for the June 30, 2009 period also includes unvested shares of restricted stock
related to those plans, except for 1,376 shares, which were deemed antidilutive.
</P></BODY></HTML>
9.
Earnings Per Share
Basic
earnings per share attributable to Legg Mason, Inc. common shareholders (“EPS”)
is calculated by dividing net income
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