Exhibit 12.1
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. |
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STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES |
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AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS |
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(in millions, except ratios) |
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| Six Months Ended June 30, |
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| For the Years Ended December 31, |
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| 2015 |
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| 2014 |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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| 2010 |
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Earnings: |
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Income (loss) before provision for income taxes |
| $ | 97.1 |
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| $ | 87.4 |
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| $ | 216.0 |
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| $ | 179.7 |
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| $ | 66.7 |
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| $ | (61.9 | ) |
| $ | 121.9 |
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Add: |
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Fixed charges |
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| 11.9 |
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| 12.5 |
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| 24.8 |
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| 25.1 |
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| 28.4 |
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| 26.7 |
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| 26.6 |
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Total earnings |
| $ | 109.0 |
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| $ | 99.9 |
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| $ | 240.8 |
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| $ | 204.8 |
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| $ | 95.1 |
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| $ | (35.2 | ) |
| $ | 148.5 |
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Fixed charges: |
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Interest expense |
| $ | 9.5 |
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| $ | 10.1 |
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| $ | 19.9 |
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| $ | 20.2 |
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| $ | 23.7 |
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| $ | 22.1 |
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| $ | 22.9 |
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Rental interest factor |
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| 2.4 |
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| 2.4 |
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| 4.9 |
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| 4.9 |
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| 4.7 |
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| 4.6 |
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| 3.7 |
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Total fixed charges |
| $ | 11.9 |
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| $ | 12.5 |
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| $ | 24.8 |
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| $ | 25.1 |
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| $ | 28.4 |
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| $ | 26.7 |
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| $ | 26.6 |
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Ratio of earnings to fixed charges |
| 9.2:1 |
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| 8:1 |
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| 9.7:1 |
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| 8.2:1 |
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| 3.3:1 |
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| (a) |
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| 5.6:1 |
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(a) | The coverage deficiency for the year ended December 31, 2011 is $61.9 million. |