Exhibit 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ amounts in millions) Three Months Ended March 31, 2005 and 2004 2005 2004 ----------- ----------- Income (loss) from continuing operations before income taxes, minority interest and earnings attributed to mandatorily redeemable noncontrolling interests (1) $ 15.7 $ 26.8 Less: Equity in earnings (losses) of venture capital partnership investments (2.2) 11.6 Add: Distributed earnings of affiliates 0.4 1.2 Distributed earnings of venture capital partnership investments 13.0 13.6 ----------- ----------- Income (loss) from continuing operations before income taxes, minority interest and equity in undistributed earnings of affiliates and venture capital partnership investments $ 31.3 $ 30.0 =========== =========== Fixed Charges: Interest expense on indebtedness (2) $ 11.1 $ 9.8 Stock purchase contract adjustment payments 2.0 2.0 Rental expense 0.3 0.6 ----------- ----------- Fixed charges, exclusive of interest credited on policyholder contract balances $ 13.4 $ 12.4 Interest credited on policyholder contract balances 47.6 47.8 ----------- ----------- Total fixed charges, inclusive of interest credited on policyholder contract balances $ 61.0 $ 60.2 =========== =========== Income (loss) from continuing operations before income taxes, minority interest, equity in undistributed earnings of affiliates and venture capital partnership investments and fixed charges $ 92.3 $ 90.2 =========== ============ Ratio of earnings to fixed charges 1.5 1.5 =========== ============ Additional earnings required to achieve 1:1 ratio coverage $ - $ - =========== ============ 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 $ 31.3 $ 30.0 =========== ============ Fixed Charges: Total fixed charges, as above $ 13.4 $ 12.4 =========== ============ 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 $ 44.7 $ 42.4 =========== ============ Ratio of earnings to fixed charges 3.3 3.4 =========== ============ Additional earnings required to achieve 1:1 ratio coverage $ - $ - =========== ============ (1) Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for the three months ended March 2005 and 2004 were $3.2 million and $3.7 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-Q Filing
Phoenix Companies (PNX) Inactive 10-Q2005 Q1 Quarterly report
Filed: 10 May 05, 12:00am