Pma Capital (PMACA) Inactive 10-K2001 FY Annual report

Filed: 19 Mar 02, 12:00am

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EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollar Amounts In Thousands)

		2001			2000		1999		1998		1997

EARNINGS
Pre-tax income (loss)	$	(4,416	)	$	123	$	40,092	$	55,069	$	25,153
Fixed charges		7,832			13,024		13,109		15,865		16,683

Total (a)	$	3,416		$	13,147	$	53,201	$	70,934	$	41,836


FIXED CHARGES
Interest expense and amortization of
debt discount and premium on all
indebtedness	$	6,541		$	11,889	$	12,221	$	15,009	$	15,768
Interest portion of rental expense		1,291			1,135		888		856		915

Total fixed charges (b)	$	7,832		$	13,024	$	13,109	$	15,865	$	16,683


Ratio of earnings to fixed
charges (a)/(b)		(2	)		1.0x		4.1x		4.5x		2.5x

(1)

For purposes of determining this ratio, earnings represents pre-tax income (loss), which consists of income (loss) before income taxes, cumulative effect of accounting change (1999) and extraordinary loss (1997), plus fixed charges. Fixed charges include interest expense and the interest portion of rent expense.

(2)

Earnings were insufficient to cover fixed charges by $4.4 million in 2001.