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)
Quarter Ended | Years Ended December 31, | |||||||||||||||||||||||
March 31, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
ACTUAL | ||||||||||||||||||||||||
EARNINGS AVAILABLE FOR FIXED CHARGES: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | (92,790 | ) | (819,221 | ) | 378,425 | 680,138 | 747,382 | 650,970 | ||||||||||||||||
Adjustment — income from equity investees | — | (5,178 | ) | (4,138 | ) | (3,985 | ) | (7,785 | ) | (683 | ) | |||||||||||||
Adjustment — distributed income of equity investees | — | 29,563 | 4,023 | 14,605 | 4,834 | 7,738 | ||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | 1,234 | 3,871 | 6,866 | 9,832 | 9,528 | 8,781 | ||||||||||||||||||
(91,556 | ) | (790,965 | ) | 385,176 | 700,590 | 753,959 | 666,806 | |||||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expensed and capitalized | 1,234 | 3,871 | 6,866 | 9,832 | 9,528 | 8,781 | ||||||||||||||||||
1,234 | 3,871 | 6,866 | 9,832 | 9,528 | 8,781 | |||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | NM | NM | 56.10 | 71.26 | 79.13 | 75.94 | ||||||||||||||||||
PRO FORMA | ||||||||||||||||||||||||
EARNINGS AVAILABLE FOR FIXED CHARGES: | (91,556 | ) | (790,965 | ) | ||||||||||||||||||||
PRO FORMA FIXED CHARGES: | ||||||||||||||||||||||||
Fixed charges, as above | 1,234 | 3,871 | ||||||||||||||||||||||
Estimated net increase in interest expense from refinancing | 850 | 689 | ||||||||||||||||||||||
TOTAL PRO FORMA FIXED CHARGES | 2,084 | 4,560 | ||||||||||||||||||||||
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES | NM | NM | ||||||||||||||||||||||