Exhibit 12.1
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
| Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
(in millions, except ratios) | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before provision for income taxes and extraordinary item | $ | 97.0 | $ | 91.3 | $ | 142.4 | $ | 86.4 | $ | 119.8 | $ | 163.0 | $ | 81.5 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 20.1 | 22.7 | 29.5 | 34.0 | 23.6 | 16.4 | 21.0 | |||||||||||||||||||||
Total earnings | $ | 117.1 | $ | 114.0 | $ | 171.9 | $ | 120.4 | $ | 143.4 | $ | 179.4 | $ | 102.5 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense, net | $ | 17.3 | $ | 19.8 | $ | 25.7 | $ | 29.9 | $ | 20.9 | $ | 13.0 | $ | 15.0 | ||||||||||||||
Preferred share dividends | — | — | — | — | 0.1 | 1.5 | 3.4 | |||||||||||||||||||||
Rental interest factor | 2.8 | 2.9 | 3.8 | 4.1 | 2.6 | 1.9 | 2.6 | |||||||||||||||||||||
Total fixed charges | $ | 20.1 | $ | 22.7 | $ | 29.5 | $ | 34.0 | $ | 23.6 | $ | 16.4 | $ | 21.0 | ||||||||||||||
Ratio of earnings to fixed charges | 5.8:1 | 5.0:1 | 5.8:1 | 3.5:1 | 6.1:1 | 10.9:1 | 4.9:1 | |||||||||||||||||||||