Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ amounts in millions) Years Ended December 31, 2003, 2002, 2001, 2000 and 1999 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- Income (loss) from continuing operations before income taxes and minority interest $ (10.2) $(184.5) $(245.3) $ 172.5 $ 279.9 Less: Equity in earnings (losses) of affiliates (0.1) 5.9 8.2 7.4 4.7 Equity in earnings (losses) of venture capital partnership investments 36.2 (59.3) (84.5) 277.3 139.9 Add: Distributed earnings of affiliates 1.2 4.6 6.9 5.6 4.5 Distributed earnings of venture capital partnership investments 31.8 14.2 30.5 222.4 84.0 --------- --------- --------- --------- --------- Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ (13.3) $(112.3) $(131.6) $ 115.8 $ 223.8 ========= ========= ========= ========= ========= Fixed Charges: Interest expense on indebtedness (1) $ 39.6 $ 31.4 $ 27.3 $ 32.7 $ 34.0 Stock purchase contract adjustment payments 8.2 1.0 0.0 0.0 0.0 Rental expense 2.6 2.7 2.7 2.7 3.1 --------- --------- --------- --------- --------- Total fixed charges $ 50.4 $ 35.1 $ 30.0 $ 35.4 $ 37.1 ========= ========= ========= ========= ========= Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 37.1 $ (77.2) $(101.6) $ 151.2 $ 260.9 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 0.7 - - 4.3 7.0 ========= ========= ========= ========= ========= Additional earnings required to achieve 1:1 ratio coverage $ 13.3 $ 112.3 $ 131.6 - - ========= ========= ========= ========= ========= SUPPLEMENTAL RATIO - ratio of earnings to fixed charges inclusive of interest credited on policyholder contract balances: Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ (13.3) $(112.3) $(131.6) $ 115.8 $ 223.8 ========= ========= ========= ========= ========= Fixed Charges: Total fixed charges, as above $ 50.4 $ 35.1 $ 30.0 $ 35.4 $ 37.1 Interest credited on policyholder contract balances 207.9 181.4 133.2 109.5 105.6 --------- --------- --------- --------- --------- Total fixed charges, inclusive of interest credited on policyholder contract balances $ 258.3 $ 216.5 $ 163.2 $ 144.9 $ 142.7 ========= ========= ========= ========= ========= Adjusted income from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments plus fixed charges, inclusive of interest credited on policyholder contract balances $ 245.0 $ 104.2 $ 31.6 $ 260.7 $ 366.5 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges including interest credited on policyholder contract balances 0.9 0.5 0.2 1.8 2.6 ========= ========= ========= ========= ========= Additional earnings required to achieve 1:1 ratio coverage $ 13.3 $ 112.3 $ 131.6 - - ========= ========= ========= ========= ========= (1) Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and the interest expense is solely funded by assets pledged as collateral consolidated on our balance sheet.
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10-K Filing
Phoenix Companies (PNX) Inactive 10-K2003 FY Annual report
Filed: 15 Mar 04, 12:00am