Exhibit 12

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended March 31,
	2006		2005		2004		2003		2002
Earnings from continuing operations before income tax provision	$	715,462	$	470,758	$	301,563	$	181,202	$	168,248
Fixed Charges:
Interest Expense		52,648		44,765		44,734		52,654		47,010
Portion of rental expenses representative of interest factor*		15,969		9,237		7,736		7,734		6,763
Earnings available for fixed charges	$	784,079	$	524,760	$	354,033	$	241,590	$	222,021
Fixed Charges:
Interest Expense	$	52,648	$	44,765	$	44,734	$	52,654	$	47,010
Portion of rental expense representative of interest factor*		15,969		9,237		7,736		7,734		6,763
Total Fixed Charges	$	68,617	$	54,002	$	52,470	$	60,388	$	53,773
Consolidated ratio of earnings to fixed charges		11.4		9.7		6.7		4.0		4.1

* 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.