Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGESExhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ amounts in millions) Six Months Ended June 30, 2004 and 2003 2004 2003 ---------- ----------- Income (loss) from continuing operations before income taxes and minority interest $ 52.0 $ (79.0) Less: Equity in earnings (losses) of affiliates 0.2 0.7 Equity in earnings (losses) of venture capital partnership investments 16.0 29.7 Add: Distributed earnings of affiliates 0.7 1.5 Distributed earnings of venture capital partnership investments 31.8 11.3 ---------- ----------- Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ 68.3 $ (96.6) ========== =========== Fixed Charges: Interest expense on indebtedness (1) $ 19.7 $ 19.7 Stock purchase contract adjustment payments 4.1 4.1 Rental expense 1.3 1.3 ---------- ----------- Fixed charges, exclusive of interest credited on policyholder contract balances $ 25.1 $ 25.1 Interest credited on policyholder contract balances 98.0 104.1 ---------- ----------- Total fixed charges, inclusive of interest credited on policyholder contract balances $ 123.1 $ 129.2 ========== =========== Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 191.4 $ 32.6 ========== =========== Ratio of earnings to fixed charges 1.6 0.3 ========== =========== Additional earnings required to achieve 1:1 ratio coverage $ -- $ 96.9 ========== =========== SUPPLEMENTAL RATIO - ratio of earnings to fixed charges exclusive 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 $ 68.3 $ (96.6) ========== =========== Fixed Charges: Total fixed charges, as above $ 25.1 $ 25.1 ========== =========== Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 93.4 $ (71.5) ========== =========== Ratio of earnings to fixed charges 3.7 -- ========== =========== Additional earnings required to achieve 1:1 ratio coverage $ -- $ 96.6 ========== =========== (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-Q Filing
Phoenix Companies (PNX) Inactive 10-Q2004 Q3 Quarterly report
Filed: 9 Aug 04, 12:00am