Raymond James Financial (RJF) 10-Q 2011 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,
	2011		2010		2010		2009		2008		2007		2006
Earnings:
Pre-tax income excluding noncontrolling interests	$	335,418	$	256,555	$	361,908	$	248,774	$	386,854	$	392,224	$	342,066
Fixed charges		62,994		61,448		81,250		75,369		409,300		514,543		309,759
Less: preferred stock dividends		-		-		-		-		-		-		-
Earnings	$	398,412	$	318,003	$	443,158	$	324,143	$	796,154	$	906,767	$	651,825
Fixed charges:
Interest expense	$	48,710	$	47,274	$	62,564	$	56,921	$	392,229	$	499,664	$	296,670
Estimated interest portion within rental expense		13,978		13,959		18,399		18,416		17,071		14,879		13,089
Amortization of debt issuance cost		306		215		287		32		-		-		-
Preferred stock dividends		-		-		-		-		-		-		-
Total fixed charges	$	62,994	$	61,448	$	81,250	$	75,369	$	409,300	$	514,543	$	309,759
Ratio of earnings to fixed charges and preferred stock dividends		6.32		5.18		5.45		4.30		1.95		1.76		2.10

We calculated our ratio of earnings to fixed charges and preferred stock dividends by adding pre-tax income excluding noncontrolling interests, 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, the portion of our rental expense deemed to represent interest (calculated as one third of rental expense), amortization of debt issuance costs and preferred stock dividends.

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