Phoenix Companies (PNX) 10-K 2014 FY Annual report

EXHIBIT 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS [1]

	Years Ended December 31,
($ amounts in millions)	2014			2013		2012			2011			2010
				As restated		As revised			As revised			As revised
Income (loss) from continuing operations before income taxes	$	(195.2	)	$	38.1	$	(153.5	)	$	(5.4	)	$	(34.5	)
Less: Equity in earnings (losses) of limited partnership   and other investments	67.9			58.0		63.6			44.6			57.4
Add: Distributed earnings of limited partnership and   other investments	94.2			101.1		64.4			33.1			61.3
Income (loss) from continuing operations before income taxes   and equity in undistributed earnings of limited partnership and   other investments	$	(168.9	)	$	81.2	$	(152.7	)	$	(16.9	)	$	(30.6	)
Fixed Charges:
Interest expense on indebtedness	$	28.3		$	28.3	$	30.8		$	31.8		$	31.8
Interest expense on attributable to rentals	0.2			0.2		0.3			0.4			0.5
Total fixed charges [2]	28.5			28.5		31.1			32.2			32.3
Interest credited on policyholder contract balances	152.1			138.0		123.7			116.5			124.2
Total fixed charges, including interest credited to policyholders	$	180.6		$	166.5	$	154.8		$	148.7		$	156.5
Income (loss) from continuing operations before income taxes,   equity in undistributed earnings of limited partnership and   other investments and fixed charges	$	11.7		$	247.7	$	2.1		$	131.8		$	125.9
Ratio of earnings to fixed charges and preferred stock dividends	0.1			1.5		—			0.9			0.8
Additional earnings required to achieve 1:1 ratio coverage	$	168.9		$	—	$	152.7		$	16.9		$	30.6
SUPPLEMENTAL RATIO [3] - Ratio of earnings to fixed charges and preferred stock dividends exclusive of interest credited on policyholder contract balances:
Income (loss) from continuing operations before income taxes   and equity in undistributed earnings of limited partnership and   other investments	$	(168.9	)	$	81.2	$	(152.7	)	$	(16.9	)	$	(30.6	)
Fixed Charges:
Total fixed charges, as above	$	28.5		$	28.5	$	31.1		$	32.2		$	32.3
Income (loss) from continuing operations before income taxes,   equity in undistributed earnings of limited partnership and   other investments and fixed charges	$	(140.4	)	$	109.7	$	(121.6	)	$	15.3		$	1.7
Ratio of earnings to fixed charges and preferred stock dividends	(4.9		)	3.8		(3.9		)	0.5			0.1
Additional earnings required to achieve 1:1 ratio coverage	$	168.9		$	—	$	152.7		$	16.9		$	30.6

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[1] We had no dividends on preferred stock for the years 2010 to 2014.

[2] Total fixed charges consist of interest expense on indebtedness and an interest factor attributable to rentals. The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents.

[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.