EXHIBIT 12
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(1)
We had no dividends on preferred stock for the years 2005 to 2009.
(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.
(3)
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.