Exhibit 12.1
LOEWS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN MILLIONS)
QUARTER ENDED MARCH 31, | YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Pretax income from continuing operations | $ | 512 | $ | 741 | $ | 1,399 | $ | 2,226 | $ | 2,902 | $ | 1,728 | $ | 594 | ||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||||
Undistributed loss (income) from equity investees | (108 | ) | (73 | ) | (103 | ) | 74 | (184 | ) | (220 | ) | 451 | ||||||||||||||||
Capitalized interest | (20 | ) | (10 | ) | (55 | ) | (30 | ) | (22 | ) | (29 | ) | (115 | ) | ||||||||||||||
Amortization of capitalized interest | 3 | 2 | 10 | 8 | 8 | 8 | 2 | |||||||||||||||||||||
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Earnings before fixed charges | 387 | 660 | 1,251 | 2,278 | 2,704 | 1,487 | 932 | |||||||||||||||||||||
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Fixed charges (a) | ||||||||||||||||||||||||||||
Interest expense | 108 | 111 | 440 | 522 | 517 | 448 | 345 | |||||||||||||||||||||
Capitalized interest | 20 | 10 | 55 | 30 | 22 | 29 | 115 | |||||||||||||||||||||
Interest factor related to rent | 9 | 11 | 38 | 38 | 38 | 40 | 40 | |||||||||||||||||||||
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Total fixed charges | 137 | 132 | 533 | 590 | 577 | 517 | 500 | |||||||||||||||||||||
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Total earnings and fixed charges | $ | 524 | $ | 792 | $ | 1,784 | $ | 2,868 | $ | 3,281 | $ | 2,004 | $ | 1,432 | ||||||||||||||
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Ratio of earnings to fixed charges | 3.8 | 6.0 | 3.3 | 4.9 | 5.7 | 3.9 | 2.9 | |||||||||||||||||||||
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(a) | For purposes of this ratio, fixed charges include (i) interest, whether expensed or capitalized, (ii) amortization of debt issuance costs and (iii) one-third of rent expense which is deemed representative of an interest factor. |