Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ amounts in millions) Nine Months Ended September 30, 2004 and 2003 2004 2003 --------- --------- Income (loss) from continuing operations before income taxes and minority interest $ 62.2 $ (56.7) Less: Equity in earnings (losses) of affiliates 0.5 0.8 Equity in earnings (losses) of venture capital partnership investments 12.1 34.8 Add: Distributed earnings of affiliates 1.1 1.2 Distributed earnings of venture capital partnership investments 39.5 21.2 --------- --------- Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ 90.2 $ (69.9) ========= ========= Fixed Charges: Interest expense on indebtedness (1) $ 29.8 $ 29.5 Stock purchase contract adjustment payments 6.1 6.1 Rental expense 1.8 1.9 --------- --------- Fixed charges, exclusive of interest credited on policyholder contract balances $ 37.7 $ 37.5 Interest credited on policyholder contract balances 146.3 156.2 --------- --------- Total fixed charges, inclusive of interest credited on policyholder contract balances $ 184.0 $ 193.7 ========= ========= Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 274.2 $ 123.8 ========= ========= Ratio of earnings to fixed charges 1.5 0.6 ========= ========= Additional earnings required to achieve 1:1 ratio coverage $ - $ 69.9 ========= ========= 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 $ 90.2 $ (69.9) ========= ========= Fixed Charges: Total fixed charges, as above $ 37.7 $ 37.5 ========= ========= 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 $ 127.9 $ (32.4) ========= ========= Ratio of earnings to fixed charges 3.4 (0.9) ========= ========= Additional earnings required to achieve 1:1 ratio coverage $ - $ 69.9 ========= ========= (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 Q4 Quarterly report
Filed: 9 Nov 04, 12:00am