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Exhibit 12
Southwest Securities Group, Inc. and Subsidiaries
Statement Re Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
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Fiscal Years Ended
June 30, June 25, June 26, June 27, June 28,
2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
Income before income taxes and minority $137,905 $ 53,380 $ 42,472 $ 33,901 $ 29,232
interest in consolidated subsidiaries
Add fixed charges:
Interest expense 178,084 112,794 113,795 92,414 77,016
Interest factor in rents/(1)/ 4,770 3,575 2,600 1,644 899
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Total fixed charges 182,854 116,369 116,395 94,058 77,915
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Earnings before fixed charges
and income taxes $320,759 $169,749 $158,867 $127,959 $107,147
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Ratio of earnings to fixed charges 1.8 1.5 1.4 1.4 1.4
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/(1)/ The Company estimates that one-third of rental expense is representative
of the interest factor.