Phoenix Companies (PNX) 10-Q 2011 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, 2011 and 2010

($ amounts in millions)

	2011		2010
Income (loss) from continuing operations before income taxes	$	39.4	$	(23.7)
Less: Equity in earnings (losses) of venture capital partnership investments		0.4		0.7
Add: Distributed earnings of venture capital partnership investments		1.1		0.7
Income (loss) from continuing operations before income taxes and equity in
undistributed earnings of venture capital partnership investments	$	40.1	$	(23.7)
Fixed Charges:
Interest expense on indebtedness	$	23.8	$	23.9
Interest expense attributable to rentals		0.3		0.4
Total fixed charges(2)		24.1		24.3
Interest credited on policyholder contract balances		88.9		94.6
Total fixed charges, including interest credited to policyholders	$	113.0	$	118.9
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	$	153.1	$	95.2
Ratio of earnings to fixed charges and preferred stock dividends		1.4		0.8
Additional earnings required to achieve 1:1 ratio coverage	$	--	$	23.7
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	$	40.1	$	(23.7)
Fixed Charges:
Total fixed charges, as above	$	24.1	$	24.3
Income from continuing operations before income taxes and equity in undistributed
earnings of venture capital partnership investments and fixed charges	$	64.2	$	0.6
Ratio of earnings to fixed charges and preferred stock dividends		2.7		0.2
Additional earnings required to achieve 1:1 ratio coverage	$	--	$	23.7

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⁽¹⁾

We had no dividends on preferred stock for the nine months ended September 30, 2011 and 2010.

⁽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.