Exhibit 12.1
OLD REPUBLIC INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in Thousands)
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| June 30, |
| Years Ended December 31, |
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ACTUAL |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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EARNINGS AVAILABLE FOR FIXED CHARGES: |
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Income (loss) from continuing operations before income taxes (credits) |
| 396,651 |
| 672,952 |
| (128,572 | ) | (236,707 | ) | 27,637 |
| (273,622 | ) |
Adjustment — income from equity investees |
| (406 | ) | (5,643 | ) | (9,199 | ) | (1,293 | ) | 1,795 |
| 2,782 |
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Adjustment — distributed income of equity investees |
| 310 |
| 708 |
| 500 |
| 523 |
| 83 |
| 44 |
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Fixed charges: |
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Interest expense |
| 11,539 |
| 23,197 |
| 34,674 |
| 51,130 |
| 31,948 |
| 22,284 |
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| 408,094 |
| 691,214 |
| (102,597 | ) | (186,347 | ) | 61,463 |
| (248,512 | ) |
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FIXED CHARGES: |
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Interest expensed and capitalized |
| 11,539 |
| 23,197 |
| 34,674 |
| 51,130 |
| 31,948 |
| 22,284 |
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| 11,539 |
| 23,197 |
| 34,674 |
| 51,130 |
| 31,948 |
| 22,284 |
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RATIO OF EARINGS TO FIXED CHARGES |
| 35.37 |
| 29.80 |
| N/M |
| N/M |
| 1.92 |
| N/M |
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DEFICIENCY |
| N/A |
| N/A |
| 137,271 |
| 237,477 |
| N/A |
| 270,796 |
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