Exhibit 12.1
OLD REPUBLIC INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)
| Years Ended December 31, | ||||||||||||||||||||
| ACTUAL | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| EARNINGS AVAILABLE FOR FIXED CHARGES: | ||||||||||||||||||||
| Income (loss) from continuing operations before income taxes (credits) | 27,637 | (273,622 | ) | (819,221 | ) | 378,425 | 680,138 | |||||||||||||
| Adjustment — income from equity investees | 1,795 | 2,782 | (5,178 | ) | (4,138 | ) | (3,985 | ) | ||||||||||||
| Adjustment — distributed income of equity investees | 83 | 44 | 29,563 | 4,023 | 14,605 | |||||||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | 31,948 | 22,284 | 3,871 | 6,866 | 9,832 | |||||||||||||||
| 61,463 | (248,512 | ) | (790,965 | ) | 385,176 | 700,590 | ||||||||||||||
| FIXED CHARGES: | ||||||||||||||||||||
| Interest expensed and capitalized | 31,948 | 22,284 | 3,871 | 6,866 | 9,832 | |||||||||||||||
| 31,948 | 22,284 | 3,871 | 6,866 | 9,832 | ||||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 1.92 | NM | NM | 56.10 | 71.26 | |||||||||||||||
| DEFICIENCY | N/A | 270,796 | 794,836 | N/A | N/A | |||||||||||||||