EX-12 4 dex12.txt COMPUTATION OF CONSOLIDATED RATIOS Exhibit 12 Legg Mason, Inc. Computation of Consolidated Ratios of Earnings to Fixed Charges (dollars in thousands)
Years ended March 31, 2002 2001 2000 1999 1998 ----------------------------------------------------------- Earnings before income taxes $253,249 $265,820 $254,438 $156,811 127,565 Fixed Charges Interest expense 127,271 175,389 134,383 94,974 73,776 Portion of rental expense 23,341 22,315 17,312 14,457 12,823 representative of interest factor* Earnings available for fixed charges $403,861 $463,524 $406,133 $266,242 $214,164 Fixed Charges: Interest expense $127,271 $175,389 $134,383 $ 94,974 $73,776 Portion of rental expense representative of interest 23,341 22,315 17,312 14,457 12,823 factor* Total fixed charges $150,612 $197,704 $151,695 $109,431 $ 86,599 Consolidated ratio of earnings to 2.7 2.3 2.7 2.4 2.5 fixed charges
* 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.