Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended March 31,
	2009			2008			2007			2006			2005
Earnings from continuing operations before income tax provision	$	(3,155,857	)	$	443,871		$	1,043,854		$	715,462		$	470,758
Fixed Charges:
Interest Expense	150,465			82,681			71,474			52,648			44,765
Interest on uncertain tax positions included in earnings operations before income tax provision(1)	5,217			1,232			(649		)	780			520
Portion of rental expenses representative of interest factor(2)	37,487			39,080			32,383			15,969			9,237
Earnings available for fixed charges	$	(2,962,688	)	$	566,864		$	1,147,062		$	784,859		$	525,280
Fixed Charges:
Interest Expense	$	150,465		$	82,681		$	71,474		$	52,648		$	44,765
Interest expense included in interest expense not related to third party indebtedness(1)	(5,217		)	(1,232		)	649			(780		)	(520		)
Portion of rental expense representative of interest factor(2)	37,487			39,080			32,383			15,969			9,237
Total Fixed Charges	$	182,735		$	120,529		$	104,506		$	67,837		$	53,482
Consolidated ratio of earnings to fixed charges	(16.2		)	4.7			11.0			11.6			9.8

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