Exhibit 12.1
OLD REPUBLIC INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)
|
| June 30, |
| Years Ended December 31, |
| ||||||||
ACTUAL |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
|
EARNINGS AVAILABLE FOR FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes (credits) |
| 331,169 |
| 631,823 |
| 609,485 |
| 672,952 |
| (128,572 | ) | (236,707 | ) |
Adjustment - income from equity investees |
| (433 | ) | (1,431 | ) | (2,968 | ) | (5,643 | ) | (9,199 | ) | (1,293 | ) |
Adjustment - distributed income of equity investees |
| 367 |
| 441 |
| 411 |
| 708 |
| 500 |
| 523 |
|
Fixed charges: |
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|
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|
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|
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|
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|
|
Interest expense |
| 21,609 |
| 42,936 |
| 28,365 |
| 23,197 |
| 34,674 |
| 51,130 |
|
|
|
|
|
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|
|
|
|
|
|
| 352,712 |
| 673,769 |
| 635,293 |
| 691,214 |
| (102,597 | ) | (186,347 | ) |
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FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expensed and capitalized |
| 21,609 |
| 42,936 |
| 28,365 |
| 23,197 |
| 34,674 |
| 51,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21,609 |
| 42,936 |
| 28,365 |
| 23,197 |
| 34,674 |
| 51,130 |
|
RATIO OF EARNINGS TO FIXED CHARGES |
| 16.32 |
| 15.69 |
| 22.40 |
| 29.80 |
| NM |
| NM |
|
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DEFICIENCY |
| N/A |
| N/A |
| N/A |
| N/A |
| 137,271 |
| 237,477 |
|