Raymond James Financial (RJF) 10-Q 2013 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,
	2013		2012		2012		2011		2010		2009		2008
Earnings:
Pre-tax income excluding noncontrolling interests	$	402,218	$	347,218	$	471,525	$	461,247	$	361,908	$	248,774	$	386,854
Fixed charges	106,006		80,937		115,992		84,557		81,250		75,369		409,300
Less: preferred stock dividends	—		—		—		—		—		—		—
Earnings	$	508,224	$	428,155	$	587,517	$	545,804	$	443,158	$	324,143	$	796,154
Fixed charges:
Interest expense	$	82,507	$	62,840	$	90,389	$	65,351	$	62,564	$	56,921	$	392,229
Estimated interest portion within rental expense	22,590		17,427		24,623		18,727		18,399		18,416		17,071
Amortization of debt issuance cost	909		670		980		479		287		32		—
Preferred stock dividends	—		—		—		—		—		—		—
Total fixed charges	$	106,006	$	80,937	$	115,992	$	84,557	$	81,250	$	75,369	$	409,300
Ratio of earnings to fixed charges and preferred stock dividends	4.79		5.29		5.07		6.45		5.45		4.30		1.95

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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