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New words:
affiliate, California, comprehensive, faster, frozen, growing, hedge, MGIA, Midwest, mitigated, overfunded, oversee, owed, past, personnel, retrocessionaire, sum, swap, TPA, underfunded
Removed:
announced, appraisal, continuing, contrary, damage, determination, managed, refuse, ultimately, valuation
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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(Dollar amounts in thousands)
For the nine months ended | |||||||
September 30, | |||||||
2006 | 2005 | ||||||
EARNINGS | |||||||
| Pre-tax income (loss) | $ | 5,684 | $ | (24,914 | ) | ||
| Fixed charges | 11,649 | 13,101 | |||||
| Total | $ | 17,333 | $ | (11,813 | ) | ||
FIXED CHARGES | |||||||
| Interest expense and amortization of debt discount | |||||||
| and premium on all indebtedness | $ | 10,685 | $ | 12,114 | |||
| Interest portion of rental expenses | 964 | 987 | |||||
| Total fixed charges | $ | 11,649 | $ | 13,101 | |||
| Ratio of earnings to fixed charges | 1.5 x | (a | ) | ||||
(a) Earnings were insufficient to cover fixed charges by $24.9 million for the nine months ended September 30, 2005. | ||||||||||||