Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended March 31,
	2005		2004		2003		2002		2001
Earnings from continuing operations before income tax provision	$	658,707	$	472,309	$	306,856	$	251,143	$	261,269
Fixed Charges:
Interest Expense		80,844		63,155		85,997		125,342		173,359
Portion of rental expenses representative of interest factor*		23,815		21,554		21,760		22,688		21,696
Earnings available for fixed charges	$	763,366	$	557,018	$	414,613	$	399,173	$	456,324
Fixed Charges:
Interest Expense	$	80,844	$	63,155	$	85,997	$	125,342	$	173,359
Portion of rental expense representative of interest factor*		23,815		21,554		21,760		22,688		21,696
Total Fixed Charges	$	104,659	$	84,709	$	107,757	$	148,030	$	195,055
Consolidated ratio of earnings to fixed charges		7.3		6.6		3.8		2.7		2.3

* 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.