EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGESSTATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, ---------------------------------------------------------------- 1997 1998 1999 2000 2001 2002 ------- ------- ------- ------- ------- ------ Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of and interest earned from investments in unconsolidated affiliates 164.8 156.8 265.7 157.5 (248.7) (171.1) Add: Interest earned from investments in unconsolidated affiliates 2.6 2.6 3.7 4.3 4.3 5.1 Add: Distributed earnings 33.1 23.8 88.5 228.0 37.6 18.5 Less: Equity in earnings (losses) of venture capital investments 33.7 39.6 139.9 277.3 (84.5) (59.3) ------- ------- ------- ------- ------- ------- Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of unconsolidated affiliates 166.8 143.6 218.0 112.5 (122.3) (88.2) ======= ======= ======= ======= ======= ======= Fixed Charges: Interest expense 28.0 29.8 34.0 32.7 27.3 31.4 Rental expense 3.8 3.4 3.1 2.7 2.7 2.8 ------- ------- ------- ------- ------- ------- Total fixed charges 31.8 33.2 37.1 35.4 30.0 34.2 ======= ======= ======= ======= ======= ======= Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of investments in unconsolidated affiliates plus fixed charges 198.6 176.8 255.1 147.9 (92.3) (54.0) ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges(a) 6.3 5.3 6.9 4.2 - - ======= ======= ======= ======= ======= ======= SUPPLEMENTAL RATIO - ratio of earnings to fixed charges inclusive of interest credited on policyholder contract balances: Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of and interest earned from investments in unconsolidated affiliates 164.8 156.8 265.7 157.5 (248.7) (171.1) Add: Interest earned from investments in unconsolidated affiliates 2.6 2.6 3.7 4.3 4.3 5.1 Add: Distributed earnings 33.1 23.8 88.5 228.0 37.6 18.5 Less: Equity in earnings (losses) of venture capital investments 33.7 39.6 139.9 277.3 (84.5) (59.3) ------- ------- ------- ------- ------- ------- Adjusted income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of unconsolidated affiliates 166.8 143.6 218.0 112.5 (122.3) (88.2) ======= ======= ======= ======= ======= ======= Fixed Charges: Interest expense 28.0 29.8 34.0 32.7 27.3 31.4 Rental expense 3.8 3.4 3.1 2.7 2.7 2.8 Interest credited on policyholder contract balances 65.5 111.7 105.6 109.5 133.2 181.4 ------- ------- ------- ------- ------- ------- Total fixed charges 97.3 144.9 142.7 144.9 163.2 215.6 ======= ======= ======= ======= ======= ======= Adjusted income from continuing operations before income taxes (benefit), minority interest and equity in earnings of investments in unconsolidated affiliates plus fixed charges 264.1 288.5 360.7 257.4 40.9 127.4 ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges including interest credited on policyholder contract balances(b) 2.7 2.0 2.5 1.8 0.3 0.6 ======= ======= ======= ======= ======= ======= For purposes of computing these ratios, earnings consist of income from continuing operations before income taxes (benefit), minority interest and equity in earnings of investments in unconsolidated affiliates plus the distributed income of equity investees and fixed charges. Fixed charges consist of interest expense and an imputed interest component for rental expense. (a) Due to our losses during 2001 and 2002, the ratio coverages for those periods were less than 1:1. We would need $122.3 million in additional earnings for the year ended December 31, 2001 to achieve a 1:1 coverage ratio. For 2002, we would need $88.2 million in additional earnings to achieve a 1:1 coverage ratio. (b) Due to our loss during 2001, the ratio coverages, including interest credited on policyholder contract balances, for those periods were less than 1:1. We would need $122.3 million in additional earnings for the year ended December 31, 2001 to achieve a 1:1 coverage ratio. For 2002, we would need $88.9 million in additional earnings to achieve a 1:1 coverage ratio.
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10-K Filing
Phoenix Companies (PNX) Inactive 10-K2002 FY Annual report
Filed: 21 Mar 03, 12:00am