Raymond James Financial (RJF) 10-K 2011 FY Annual report

EXHIBIT 12

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)
	Year ended September 30,
	2011		2010		2009		2008		2007
Earnings:
Pre-tax income excluding noncontrolling interests	$	461,247	$	361,908	$	248,774	$	386,854	$	392,224
Fixed charges		84,557		81,250		75,369		409,300		514,543
Less:  Preferred stock dividends		-		-		-		-		-
Earnings	$	545,804	$	443,158	$	324,143	$	796,154	$	906,767
Fixed charges:
Interest expense	$	65,351	$	62,564	$	56,921	$	392,229	$	499,664
Estimated interest portion within rental expense		18,727		18,399		18,416		17,071		14,879
Amortization of debt issuance cost		479		287		32		-		-
Preferred stock dividends		-		-		-		-		-
Total fixed charges	$	84,557	$	81,250	$	75,369	$	409,300	$	514,543
Ratio of earnings to fixed charges and preferred stock dividends
		6.45		5.45		4.30		1.95		1.76
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.

189