EXHIBIT 12.1
JEFFERIES GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
Year Ended December 31,
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2004 2003 2002 2001 2000
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Fixed Charges:
Interest expense on long-term indebtedness ....... $ 40,256 $ 23,987 $ 23,419 $ 12,035 $ 12,035
Interest portion of rent expense ................. 9,437 7,636 6,037 5,105 4,178
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Total fixed charges .............................. $ 49,693 $ 31,623 $ 29,456 $ 17,140 $ 16,213
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Earnings:
Earnings before income taxes and minority interest $226,989 $144,533 $103,692 $102,652 $ 95,393
Total fixed charges .............................. 49,693 31,623 29,456 17,140 16,213
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Total earnings ................................... $276,682 $176,156 $133,148 $119,792 $111,606
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Ratio of Earnings to Fixed Charges (1) ............. 5.6 5.6 4.5 7.0 6.9
(1) The ratio of earnings to fixed charges is computed by dividing (a) income
from continuing operations before income taxes plus fixed charges by (b) fixed
charges. Fixed charges consist of interest expense on all long-term indebtedness
and the portion of operating lease rental expense that is representative of the
interest factor (deemed to be one-third of operating lease rentals).