from 10-Q
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<page> 1 Exhibit B Waterhouse Investor Services, Inc. Computation of Ratio of Earnings to Fixed Charges <table> Fiscal Years Ended August 31, First Quarter Fiscal Year 1991 1992 1993 1994 1995 1996 <s> <c> <c> <c> <c> <c> <c> 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 </Table>
