Exhibit 12.1
HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(Dollars in thousands)
For the Three | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
March 31, | For the Years Ended December 31, | |||||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Interest factor of rent expense(1) | $ | 907 | $ | 3,373 | $ | 3,319 | $ | 3,067 | $ | 2,838 | $ | 2,354 | ||||||||||||
Interest expense | 2,154 | 7,684 | 8,374 | 7,453 | 8,301 | 8,884 | ||||||||||||||||||
Capitalized interest | — | — | — | — | — | 23 | ||||||||||||||||||
Total fixed charges | $ | 3,061 | $ | 11,057 | $ | 11,693 | $ | 10,520 | $ | 11,139 | $ | 11,261 | ||||||||||||
Earnings from continuing operations before income tax expense | $ | 118,333 | $ | 278,747 | $ | 240,753 | $ | 166,734 | $ | 152,396 | $ | 54,825 | ||||||||||||
Fixed charges | 3,061 | 11,057 | 11,693 | 10,520 | 11,139 | 11,261 | ||||||||||||||||||
Capitalized interest | — | — | — | — | — | (23) | ||||||||||||||||||
Earnings per calculation | $ | 121,394 | $ | 289,804 | $ | 252,446 | $ | 177,254 | $ | 163,535 | $ | 66,063 | ||||||||||||
Ratio of earnings to fixed charges(2) | 39.66 | 26.21 | 21.59 | 16.85 | 14.68 | 5.87 | ||||||||||||||||||
(1) | Estimated to be 33% of total rent expense. | |
(2) | Earnings per calculation divided by total fixed charges. |