**Exhibit 12**

 

**CREDIT SUISSE FIRST BOSTON (USA), INC.**

**STATEMENT RE COMPUTATION OF RATIO OF EARNINGSTO FIXED CHARGES**

**(Unaudited)**

**(In millions, except for ratio)**

### ** **

 
|                                                         |   | **For the  Three  Months  Ended  March 31,** |   | **For the  Year Ended****December 31,** |   |
|--------------------------------------------------------------|--------|----------------------------------------------|--------|-----------------------------------------|--------|
|                                                         |   | **2003**                                     |   | **2002**                                |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
| Earnings:                                                    |   |                                         |   |                                    |   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for incometaxes(1)            |   | $                                            | 90     |                                    | $      | (471 | ) | $ | (360 | ) | $ | (1,828 | ) | $ | 740 |   | $ | 479 |   |
| Add: Fixed Charges                                           |   |                                         |   |                                    |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                     |   | 1,052                                        |   | 5,309                                   |   | 9,844 |   | 6,747 |   | 4,060 |   | 3,780 |   |
| Interest factor in rents                                     |   | 35                                           |   | 153                                     |   | 176 |   | 101 |   | 53 |   | 39 |   |
|                                                         |   |                                         |   |                                    |   |   |   |   |   |   |   |   |   |
| Total fixed charges                                          |   | 1,087                                        |   | 5,462                                   |   | 10,020 |   | 6,848 |   | 4,113 |   | 3,819 |   |
|                                                         |   |                                         |   |                                    |   |   |   |   |   |   |   |   |   |
| Earnings before fixed charges and provisionfor income  taxes |   | $                                            | 1,177  |                                    | $      | 4,991 |   | $ | 9,660 |   | $ | 5,020 |   | $ | 4,853 |   | $ | 4,298 |   |
|                                                         |   |                                         |   |                                    |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                           |   | 1.08                                         |   | 0.91                                    | (2)    | 0.96 | (3) | 0.73 | (4) | 1.18 |   | 1.13 |   |

 

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(1)          Income (loss) from continuing operations before provision(benefit) for income taxes, discontinued operations, extraordinary items andcumulative effect of change in accounting principle.

 

(2)          The dollar amount of the deficiency in the ratio ofearnings to fixed charges was $471 million for the year ended December 31,2002.

 

(3)          The dollar amount of the deficiency in the ratio ofearnings to fixed charges was $360 million for the year ended December 31,2001.

 

(4)          The dollar amount of the deficiency in the ratio ofearnings to fixed charges was $1.8 billion for the year ended December 31,2000.

 

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