Phoenix Companies (PNX) 10-Q 2015 Q2 Quarterly report

EXHIBIT 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS [1]
	Three Months Ended   June 30,			Six Months Ended   June 30,			Years Ended December 31,
($ amounts in millions)	2015			2015			2014			2013		2012			2011			2010
Income (loss) from continuing operations before income taxes	$	(34.8	)	$	(109.5	)	$	(195.2	)	$	38.1	$	(153.5	)	$	(5.4	)	(34.5		)
Less: Equity in earnings (losses) of limited partnership   and other investments	15.1			43.6			67.9			58.0		63.6			44.6			57.4
Add: Distributed earnings of limited partnership and   other investments	36.0			36.0			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	$	(13.9	)	$	(117.1	)	$	(168.9	)	$	81.2	$	(152.7	)	$	(16.9	)	(30.6		)
Fixed Charges:
Interest expense on indebtedness	$	7.1		$	14.2		$	28.3		$	28.3	$	30.8		$	31.8		31.8
Interest expense on attributable to rentals	—			0.1			0.2			0.2		0.3			0.4			0.5
Total fixed charges [2]	7.1			14.3			28.5			28.5		31.1			32.2			32.3
Interest credited on policyholder contract balances	37.2			74.2			152.1			138.0		123.7			116.5			124.2
Total fixed charges, including interest credited to   policyholders	$	44.3		$	88.5		$	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	$	30.4		$	(28.6	)	$	11.7		$	247.7	$	2.1		$	131.8		$	125.9
Ratio of earnings to fixed charges an    preferred stock dividends	0.7			(0.3		)	0.1			1.5		—			0.9			0.8
Additional earnings required to achieve 1:1 ratio coverage	$	13.9		$	117.1		$	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	$	(13.9	)	$	(117.1	)	$	(168.9	)	$	81.2	$	(152.7	)	$	(16.9	)	$	(30.6	)
Fixed Charges:
Total fixed charges, as above	$	7.1		$	14.3		$	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	$	(6.8	)	$	(102.8	)	$	(140.4	)	$	109.7	$	(121.6	)	$	15.3		$	1.7
Ratio of earnings to fixed charges and   preferred stock dividends	(1.0		)	(7.2		)	(4.9		)	3.8		(3.9		)	0.5			0.1
Additional earnings required to achieve 1:1 ratio coverage	$	13.9		$	117.1		$	168.9		$	—	$	152.7		$	16.9		$	30.6

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[1] We had no dividends on preferred stock for the years 2009 to 2013.

[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.