Phoenix Companies (PNX) 10-Q 2010 Q3 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⁾

Nine Months Ended September 30, 2010 and 2009

($ amounts in millions)

	2010		2009
Income (loss) from continuing operations before income taxes	$	(23.7)	$	(44.0)
Less: Equity in earnings (losses) of venture capital partnership investments		0.7		1.1
Add: Distributed earnings of venture capital partnership investments		0.7		2.5
Income (loss) from continuing operations before income taxes and equity in
undistributed earnings of venture capital partnership investments	$	(23.7)	$	(42.6)
Fixed Charges:
Interest expense on indebtedness	$	23.9	$	25.1
Interest expense attributable to rentals		0.4		0.5
Total fixed charges(2)		24.3		25.6
Interest credited on policyholder contract balances		94.6		102.3
Total fixed charges, including interest credited to policyholders	$	118.9	$	127.9
Income from continuing operations before income taxes, equity in undistributed
earnings of venture capital partnership investments and total fixed charges
including interest credited to policyholders	$	95.2	$	85.3
Ratio of earnings to fixed charges and preferred stock dividends		0.8		0.7
Additional earnings required to achieve 1:1 ratio coverage	$	23.7	$	42.6
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 venture capital partnership investments	$	(23.7)	$	(42.6)
Fixed Charges:
Total fixed charges, as above	$	24.3	$	25.6
Income from continuing operations before income taxes and equity in undistributed
earnings of venture capital partnership investments and fixed charges	$	0.6	$	(17.0)
Ratio of earnings to fixed charges and preferred stock dividends		0.2		(0.7)
Additional earnings required to achieve 1:1 ratio coverage	$	23.7	$	42.6

_______

⁽¹⁾

We had no dividends on preferred stock for the nine months ended September 30, 2010 and 2009.

⁽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.