Raymond James Financial (RJF) 10-Q 2010 Q3 Quarterly report

EXHIBIT 12.1

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)
	Nine Months Ended
	June 30,				Year Ended September 30,
	2010		2009		2009		2008		2007		2006		2005
Earnings:
Income before income taxes	$	256,555	$	186,891	$	248,774	$	386,854	$	392,224	$	342,066	$	247,971
Fixed charges		61,448		59,835		75,369		409,300		514,543		309,759		129,894
Less: Preferred stock dividends		-		-		-		-		-		-		-
Earnings	$	318,003	$	246,726	$	324,143	$	796,154	$	906,767	$	651,825	$	377,865
Fixed charges:
Interest expense	$	47,489	$	46,088	$	56,953	$	392,229	$	499,664	$	296,670	$	117,789
Estimated interest portion within rental expense		13,959		13,747		18,416		17,071		14,879		13,089		12,105
Preferred stock dividends		-		-		-		-		-		-		-
Total fixed charges	$	61,448	$	59,835	$	75,369	$	409,300	$	514,543	$	309,759	$	129,894
Ratio of earnings to fixed charges
and preferred stock dividends		5.18		4.12		4.30		1.95		1.76		2.10		2.91
We calculate our ratio of earnings to fixed charges and preferred stock dividends by adding income before income taxes 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 (includes amortization of debt issue costs), the portion of our rental expense deemed to represent interest (calculated as one-third of rental expense), and preferred stock dividends.