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EXHIBIT B
WATERHOUSE INVESTOR SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Fiscal Years Ended August 31, Ended
--------------------------------------------------------------- Feb 28,
1990 1991 1992 1993 1994 1995
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Earnings Before Taxes On Income $2,506,460 $5,689,134 $15,163,052 $25,791,806 $28,009,177 $13,269,101
---------- ---------- ----------- ----------- ----------- -----------
Fixed Charges:
Interest 2,190,386 1,388,577 1,958,817 3,043,570 5,791,799 4,603,915
Interest Factor in Rent 418,695 418,685 618,012 899,371 1,206,530 674,981
--------- --------- --------- --------- --------- ---------
Total Fixed Charges 2,609,081 1,807,262 2,576,829 3,942,941 6,998,329 5,278,896
--------- --------- --------- --------- --------- ---------
Earnings Before Taxes On Income
and Fixed Charges $5,115,541 $7,496,396 $17,739,881 $29,734,747 $35,007,506 $18,547,997
========== ========== =========== =========== =========== ===========
Ratio Of Earnings to Fixed Charges 1.96 4.15 6.88 7.54 5.00 3.51
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