EX-12 3 rjf-ex12_2016930x10k.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Exhibit
EXHIBIT 12

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio of earnings to fixed charges and preferred stock dividends)
 
 
 
 
 
Year ended September 30,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income excluding noncontrolling interests
$
800,643

 
$
798,174

 
$
748,045

 
$
564,187

 
$
471,525

Fixed charges
149,350

 
137,753

 
134,366

 
140,708

 
115,992

Less: preferred stock dividends
—

 
—

 
—

 
—

 
—

Earnings
$
949,993

 
$
935,927

 
$
882,411

 
$
704,895

 
$
587,517

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
115,942

 
$
106,741

 
$
102,878

 
$
109,159

 
$
90,389

Estimated interest portion within rental expense
32,273

 
29,799

 
30,275

 
30,337

 
24,623

Amortization of debt issuance cost
1,135

 
1,213

 
1,213

 
1,212

 
980

Preferred stock dividends
—

 
—

 
—

 
—

 
—

Total fixed charges
$
149,350

 
$
137,753

 
$
134,366

 
$
140,708

 
$
115,992

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
6.36

 
6.79

 
6.57

 
5.01

 
5.07


We calculated our ratio of earnings to fixed charges and preferred stock dividends by adding pre-tax income excluding noncontrolling interests, plus fixed charges minus preferred stock dividends and dividing that sum by our fixed charges. Our fixed charges for this ratio consist of interest expense, the portion of our rental expense deemed to represent interest (calculated as one third of rental expense), amortization of debt issuance costs and preferred stock dividends.

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