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?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. junior Avg
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New words:
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Removed:
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Exhibit 12
LEGG MASON, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Computation of Consolidated Ratios of Earnings to Fixed Charges | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Years ended March 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings (loss) from operations before income tax provision (benefit) | $ | 367,993 | $ | 419,641 | $ | (510,607 | ) | $ | 303,083 | $ | 365,197 | |||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense | 56,782 | 53,492 | 57,903 | 86,236 | 89,598 | |||||||||||||||
Interest on uncertain tax positions included in earnings (loss) from operations before income tax provision (benefit)1 | 1,492 | (581 | ) | 5,016 | 1,348 | 2,559 | ||||||||||||||
Portion of rental expenses representative of interest factor2 | 38,914 | 38,197 | 41,246 | 41,992 | 42,074 | |||||||||||||||
Earnings (loss) available for fixed charges | $ | 465,181 | $ | 510,749 | $ | (406,442 | ) | $ | 432,659 | $ | 499,428 | |||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense | $ | 58,274 | $ | 52,911 | $ | 62,919 | $ | 87,584 | $ | 92,157 | ||||||||||
Interest included in interest expense not related to third party indebtedness1 | (1,492 | ) | 581 | (5,016 | ) | (1,348 | ) | (2,559 | ) | |||||||||||
Portion of rental expense representative of interest factor2 | 38,914 | 38,197 | 41,246 | 41,992 | 42,074 | |||||||||||||||
Total Fixed Charges | $ | 95,696 | $ | 91,689 | $ | 99,149 | $ | 128,228 | $ | 131,672 | ||||||||||
Consolidated ratio of earnings (loss) to fixed charges | 4.9 | 5.6 | (4.1 | ) | 3.4 | 3.8 |
1) | The portion of interest related to uncertain tax positions is excluded from the calculation. |
2) | The portion of rental expense representative of interest factor is calculated as one third of the total of Rent, Market Data Services, Maintenance, DP Service Bureau and Equipment Rental expenses. |