Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, ------------------------- 2003 2002 ------------ ------------ Loss from continuing operations before income taxes and minority interest $ (78.2) $(16.6) Less: Equity in earnings of and interest earned from investments in unconsolidated affiliates 2.7 9.7 ------------ ------------ Loss from continuing operations before income taxes (benefit), minority interest and equity in earnings of and interest earned from investments in unconsolidated affiliates (80.9) (26.3) ------------ ------------ Add: Interest earned from investments in unconsolidated affiliates 1.9 2.8 Add: Distributed earnings 11.3 11.2 Less: Equity in earnings (losses) of venture capital investments 35.4 (34.9) ------------ ------------ Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of unconsolidated affiliates (103.1) 22.6 ============ ============ Fixed Charges: Interest expense 19.7 15.4 Stock purchase contract adjustment payments 3.9 - Rental expense 1.3 1.4 ------------ ------------ Total fixed charges 24.9 16.8 ============ ============ Income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of investments in unconsolidated affiliates plus fixed charges $ (78.2) $ 39.4 ============ ============ Ratio of earnings to fixed charges (a) - 2.3 ============ ============ SUPPLEMENTAL RATIO - ratio of earnings to fixed charges inclusive of interest credited on policyholder contract balances: Loss from continuing operations before income taxes and minority interest $ (78.2) $(16.6) Less: Equity in earnings of and interest earned from investments in unconsolidated affiliates 2.7 9.7 ------------ ------------ Loss from continuing operations before income taxes (benefit), minority interest and equity in earnings of and interest earned from investments in unconsolidated affiliates (80.9) (26.3) ------------ ------------ Add: Interest earned from investments in unconsolidated affiliates 1.9 2.8 Add: Distributed earnings 11.3 11.2 Less: Equity in earnings (losses) of venture capital investments 35.4 (34.9) ------------ ------------ Adjusted income (loss) from continuing operations before income taxes (benefit), minority interest and equity in earnings of unconsolidated affiliates (103.1) 22.6 ============ ============ Fixed Charges: Interest expense 19.7 15.4 Stock purchase contract adjustment payments 3.9 - Rental expense 1.3 1.4 Interest credited on policyholder contract balances 104.1 79.2 ------------ ------------ Total fixed charges 129.0 96.0 ============ ============ Adjusted income from continuing operations before income taxes (benefit), minority interest and equity in earnings of investments in unconsolidated affiliates plus fixed charges $ 25.9 $118.6 ============ ============ Ratio of earnings to fixed charges including interest credited on policyholder contract balances (b) 0.2 1.2 ============ ============ 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, contract adjustment payments and an imputed interest component for rental expense. (a) Due to our loss during the six months ended June 30, 2003, the ratio coverage for that period was less than 1:1. We would need $103.1 million in additional earnings during the six month period in order to achieve a 1:1 coverage ratio. (b) Due to our loss during the six months ended June 30, 2003, the ratio coverage, including interest credited on policyholder contract balances, for that period was less than 1:1. We would need $103.1 million in additional earnings during the six month period in order to achieve a 1:1 coverage ratio.
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10-Q Filing
Phoenix Companies (PNX) Inactive 10-Q2003 Q3 Quarterly report
Filed: 14 Aug 03, 12:00am