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STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | | | | | |
($ amounts in millions) | | | | | |
Six Months Ended June 30, 2007 and 2006 | | | | | |
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| 2007 | | 2006 |
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Income from continuing operations before income taxes and minority interest | $ | 108.2 | | $ | 26.7 |
| | | | | |
Less: Equity in losses of venture capital partnership investments | | (0.8) | | | (0.9) |
| | | | | |
Add: Distributed earnings of affiliates | | — | | | — |
Distributed earnings of venture capital partnership investments | | 0.2 | | | 1.1 |
| | | | | |
Income from continuing operations before income taxes, minority interest and equity | | | | | |
in undistributed earnings of affiliates and venture capital partnership investments | $ | 109.2 | | $ | 28.7 |
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Fixed Charges: | | | | | |
Interest expense on indebtedness(1) | $ | 21.1 | | $ | 24.7 |
Stock purchase contract adjustment payments | | — | | | — |
Rental expense | | 0.6 | | | 0.2 |
Fixed charges, exclusive of interest credited on policyholder contract balances | $ | 21.7 | | $ | 24.9 |
Interest credited on policyholder contract balances | | 79.3 | | | 90.5 |
Total fixed charges, inclusive of interest credited on policyholder contract balances | $ | 101.0 | | $ | 115.4 |
| | | | | |
Income from continuing operations before income taxes, minority interest, equity in | | | | | |
undistributed earnings of affiliates and venture capital partnership investments | | | | | |
and fixed charges | $ | 210.2 | | $ | 144.1 |
| | | | | |
Ratio of earnings to fixed charges | | 2.1 | | | 1.2 |
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Additional earnings required to achieve 1:1 ratio coverage | $ | — | | $ | — |
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SUPPLEMENTAL RATIO(2) — ratio of earnings to fixed charges | | | | | |
exclusive of interest credited on policyholder contract balances: | | | | | |
| | | | | |
Income from continuing operations before income taxes, minority interest and equity | | | | | |
in undistributed earnings of affiliates and venture capital partnership investments | $ | 109.2 | | $ | 28.7 |
| | | | | |
Fixed Charges: | | | | | |
Total fixed charges, as above | $ | 21.7 | | $ | 24.9 |
| | | | | |
Income from continuing operations before income taxes, minority interest, equity in | | | | | |
undistributed earnings of affiliates and venture capital partnership investments | | | | | |
and fixed charges | $ | 130.9 | | $ | 53.6 |
| | | | | |
Ratio of earnings to fixed charges | | 6.0 | | | 2.2 |
| | | | | |
Additional earnings required to achieve 1:1 ratio coverage | $ | — | | $ | — |
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(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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(2) This ratio is disclosed for the convenience of investors and may be more comparable to the ratios disclosed by |
other issuers of fixed income securities. |
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