Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ amounts in millions) Years Ended December 31, 2004, 2003, 2002, 2001, and 2000 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- Income (loss) from continuing operations before income taxes, minority interest and earnings attributed to mandatorily redeemable noncontrolling interests (1) $ 151.5 $ (8.2) $(191.7) $(253.5) $ 165.1 Less: Equity in earnings (losses) of venture capital partnership investments 19.3 36.2 (59.3) (84.5) 277.3 Add: Distributed earnings of affiliates 1.5 1.2 4.6 6.9 5.6 Distributed earnings of venture capital partnership investments 50.4 31.8 14.2 30.5 222.4 -------- -------- -------- -------- -------- Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ 184.1 $ (11.4) $ (113.6) $(131.6) $ 115.8 ======== ======== ========= ======== ======== Fixed Charges: Interest expense on indebtedness (2) $ 40.8 $ 39.6 $ 31.4 $ 27.3 $ 32.7 Stock purchase contract adjustment payments 8.2 8.2 1.0 0.0 0.0 Rental expense 3.5 3.8 4.0 4.4 4.7 -------- -------- -------- -------- -------- Fixed charges, exclusive of interest credited on policyholder contract balances $ 52.5 $ 51.6 $ 36.4 $ 31.7 $ 37.4 Interest credited on policyholder contract balances 195.3 207.9 181.4 133.2 109.5 -------- -------- -------- -------- -------- Total fixed charges, inclusive of interest credited on policyholder contract balances $ 247.8 $ 259.5 $ 217.8 $ 164.9 $ 146.9 ======== ======== ======== ======== ======== Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 431.9 $ 248.1 $ 104.2 $ 33.3 $ 262.7 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 1.7 - - - 1.8 ======== ======== ======== ======== ======== Additional earnings required to achieve 1:1 ratio coverage $ - $ 11.4 $ 113.6 $ 131.6 - ======== ======== ======== ======== ======== 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 $ 184.1 $ (11.4) $(113.6) $(131.6) $ 115.8 ======== ======== ======== ======== ======== Fixed Charges: Total fixed charges, as above $ 52.5 $ 51.6 $ 36.4 $ 31.7 $ 37.4 ======== ======== ======== ======== ======== 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 $ 236.6 $ 40.2 $ (77.2) $ (99.9) $ 153.2 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 4.5 - - - 4.1 ======== ======== ======== ======== ======== Additional earnings required to achieve 1:1 ratio coverage $ - $ 11.4 $ 113.6 $ 131.6 $ - ======== ======== ========= ======== ======== (1) Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for the years 2004 through 2000 were $14.3 million, $12.0 million, $11.9 million, $6.9 million, and $5.6 million respectively. (2) 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-K2004 FY Annual report
Filed: 11 Mar 05, 12:00am