Phoenix Companies (PNX) Inactive 10-Q2011 Q1 Quarterly report

Filed: 9 May 11, 12:00am

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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 March 31, 2011 and 2010

($ amounts in millions)


	2011		2010

Income (loss) from continuing operations before income taxes	$	(4.9)	$	14.1

Less: Equity in earnings (losses) of venture capital partnership investments		0.1		--

Add: Distributed earnings of venture capital partnership investments		--		--

Income (loss) from continuing operations before income taxes and equity in
undistributed earnings of venture capital partnership investments	$	(5.0)	$	14.1

Fixed Charges:
Interest expense on indebtedness	$	7.9	$	8.0
Interest expense attributable to rentals		0.1		0.1
Total fixed charges⁽²⁾		8.0		8.1
Interest credited on policyholder contract balances		29.0		32.4
Total fixed charges, including interest credited to policyholders	$	37.0	$	40.5

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	$	32.0	$	54.6

Ratio of earnings to fixed charges and preferred stock dividends		0.9		1.3

Additional earnings required to achieve 1:1 ratio coverage	$	5.0	$	--


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	$	(5.0)	$	14.1

Fixed Charges:
Total fixed charges, as above	$	8.0	$	8.1

Income from continuing operations before income taxes and equity in undistributed
earnings of venture capital partnership investments and fixed charges	$	3.0	$	22.2

Ratio of earnings to fixed charges and preferred stock dividends		0.4		2.7

Additional earnings required to achieve 1:1 ratio coverage	$	5.0	$	--

_______

⁽¹⁾

We had no dividends on preferred stock for the three months ended March 31, 2011 and 2010.

⁽²⁾

Total fixed charges consist of interest expense on indebtedness and an interest factor attributable to rentals. The interest factor 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.