Legg Mason, Inc.
Computation of Consolidated Ratios of Earnings to Fixed Charges
(Dollars in thousands)
Six Years ended March 31,
Months ended
September,2002 2002 2001 2000 1999 1998
Earnings before
income taxes $152,603 $253,249 $265,820 $254,438 $156,811 $127,565
Fixed Charges
Interest expense 149,102 127,271 175,389 134,383 94,974 73,776
Portion of rental
expense representative
of interest factor* 9,665 23,341 22,315 17,312 14,457 12,823
Earnings available
for fixed charges $211,370 $403,861 $463,524 $406,133 $266,242 $214,164
Fixed Charges:
Interest expense $ 49,102 $127,271 $175,389 $134,383 $ 94,974 $ 73,776
Portion of rental
expense representative
of interest factor* 9,665 23,341 22,315 17,312 14,457 12,823
Total fixed charges $58,767 $150,612 $197,704 $151,695 $109,431 $ 86,599
Consolidated ratio
of earnings to
fixed charges 3.6 2.7 2.3 2.7 2.4 2.5
* 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.