EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)
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(1)
We had no dividends on preferred stock for the years 2004 to 2008.
(2)
Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for the years 2008 through 2004 were $0.0 million, $0.0 million, $0.0 million, $6.7 million and $14.3 million, respectively.
(3)
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.