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<TABLE>
<CAPTION>
Legg Mason, Inc.
Computation of Consolidated Ratio of Earnings to Fixed Charges EXHIBIT 12
(dollars in thousands)
Six
Months Ended
September 30, Years Ended March 31,
------------ --------------------------------------------------------------
2000 2000 1999 1998 1997 1996
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings Before Income Taxes 131,767 254,438 156,811 127,565 95,798 64,557
Fixed Charges:
Interest Expense 89,552 134,383 94,974 73,776 43,388 26,206
Portion of rental expense representative 9,591 17,350 14,664 13,008 10,322 9,169
of interest factor**
Amortization of Senior Note Discount 24 47 47 47 47 6
Earnings available for fixed charges 230,934 406,218 266,496 214,396 149,555 99,938
Fixed Charges:
Interest Expense 89,552 134,383 94,974 73,776 43,388 26,206
Portion of rental expense representative 9,591 17,350 14,664 13,008 10,322 9,169
of interest factor**
Amortization of Senior Note Discount 24 47 47 47 47 6
Total Fixed Charges 99,167 151,780 109,685 86,831 53,757 35,381
Consolidated ratio of earnings to fixed charges 2.3 2.7 2.4 2.5 2.8 2.8
** 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.
</TABLE>
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