Raymond James Financial (RJF) 10-K2016 FY Annual report

Filed: 22 Nov 16, 12:00am

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New words: abetted, abusive, accelerate, acknowledgment, aftermath, agenda, aid, aided, al, Alex, Alexandre, AML, Ariel, attaining, BIC, Brexit, briefly, Britain, Brown, Burstein, buyer, Calero, Caroline, Caterina, Citakovic, Collier, combat, commentary, commingled, compliant, conspired, cooperation, Daccache, DB, DBRSU, deceptive, dedicated, Delta, deployment, Deputy, Deutsche, dispute, ECM, ERISA, exculpatory, exhibit, extinguishment, feedback, fifteen, gas, Germany, GmbH, Goldberg, Gonzalez, graph, hearing, highlight, hinder, immaterial, impartial, imprecision, inappropriate, inducement, insight, investigatory, Jay, Joel, Jonathan, Judicial, leader, left, MacDougall, MacTier, Michael, milestone, misuse, misused, Montreal, MSRB, Mummert, Munich, narrow, NAV, noncurrent, OFAC, oil, ordinary, passage, Peak, peer, pipeline, proceed, purported, Quebec, reaction, recession, reclassification, referendum, reliance, Republic, rescission, resort, RJFP, Santelli, satisfactorily, scheme, seller, sequence, SIPA, ski, solution, Southern, stage, Stenger, styled, submission, theft, thereunder, unaccreted, undetermined, unsafe, unsound, unsupported, variously, Vermont, vi, vigorously, Virgin, waiving, widespread, William, Zhang, Zheng

Removed: accommodate, Albion, amplify, anniversary, appealed, arbitration, Arnett, assertion, awarded, catastrophic, categorization, certified, clarify, constrain, contesting, contrasted, cutting, difficulty, dilute, diversity, domestically, electrical, Fitch, foreseeable, fueled, fulfilling, Goepel, hand, handle, hardware, Hoefer, incidental, interested, introduce, introduced, legacy, licensed, MAM, manual, Matecki, materiality, maturation, McDermid, Medical, misrepresented, Missouri, outsourced, passed, people, Poor, predicting, presently, properly, quickly, rapidity, recommendation, recruitment, refiled, region, reimbursement, resetting, resolve, revalued, RJIG, Roney, safeguarding, scalability, site, slowdown, slower, speed, stratified, suffered, tenure, UK, unacceptably, unadjusted, underwrite, Western

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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,
	2016		2015		2014		2013		2012
Earnings:
Pre-tax income excluding noncontrolling interests	$	800,643	$	798,174	$	748,045	$	564,187	$	471,525
Fixed charges	149,350		137,753		134,366		140,708		115,992
Less: preferred stock dividends	—		—		—		—		—
Earnings	$	949,993	$	935,927	$	882,411	$	704,895	$	587,517

Fixed charges:
Interest expense	$	115,942	$	106,741	$	102,878	$	109,159	$	90,389
Estimated interest portion within rental expense	32,273		29,799		30,275		30,337		24,623
Amortization of debt issuance cost	1,135		1,213		1,213		1,212		980
Preferred stock dividends	—		—		—		—		—
Total fixed charges	$	149,350	$	137,753	$	134,366	$	140,708	$	115,992

Ratio of earnings to fixed charges and preferred stock dividends	6.36		6.79		6.57		5.01		5.07

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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