1
EXHIBIT B
WATERHOUSE INVESTOR SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Years Ended August 31,
-------------------------------------------------------------- First Quarter
Fiscal Year
1991 1992 1993 1994 1995 1996
---------- ----------- ----------- ----------- ----------- -----------
Earnings Before Taxes On Income $5,689,134 $15,163,052 $25,791,806 $28,009,177 $33,447,304 $11,258,362
---------- ----------- ----------- ----------- ----------- -----------
Fixed Charges:
Interest 1,388,577 1,958,817 3,043,570 5,791,799 11,805,775 6,961,042
Interest Factor in Rent 418,685 618,012 899,371 1,206,530 1,433,164 450,544
--------- --------- --------- --------- ---------- ---------
Total Fixed Charges 1,807,262 2,576,829 3,942,941 6,998,329 13,238,939 7,411,586
--------- --------- --------- --------- ---------- ---------
Earnings Before Taxes On Income
and Fixed Charges $7,496,396 $17,739,881 $29,734,747 $35,007,506 $46,686,243 $18,669,948
========== =========== =========== =========== =========== ===========
Ratio Of Earnings to Fixed
Charges 4.15 6.88 7.54 5.00 3.53 2.52