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Content analysis
?Positive | ||
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H.S. freshman Bad
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Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
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| Year Ended |
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| 2003 |
| 2002 |
| 2001 (1) |
| 2000 |
| 1999 |
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Consolidated pretax income from continuing operations before minority interest, equity in earnings of affiliates, accounting changes and extraordinary items |
| $ | 372.3 |
| $ | 119.4 |
| $ | (427.5 | ) | $ | 355.4 |
| $ | 161.5 |
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Less undistributed earnings in unconsolidated affiliates |
| n/a |
| n/a |
| n/a |
| (1.0 | ) | (29.0 | ) | |||||
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Interest expense |
| 70.9 |
| 71.8 |
| 45.7 |
| 16.1 |
| 14.7 |
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Interest portion of rental expense |
| 14.3 |
| 15.3 |
| 7.7 |
| 0.9 |
| 0.6 |
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Earnings |
| $ | 457.5 |
| $ | 206.5 |
| $ | (374.1 | ) | $ | 371.4 |
| $ | 147.8 |
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Interest expense |
| 70.9 |
| 71.8 |
| 45.7 |
| 16.1 |
| 14.7 |
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Interest portion of rental expense |
| 14.3 |
| 15.3 |
| 7.7 |
| 0.9 |
| 0.6 |
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Fixed charges |
| $ | 85.2 |
| $ | 87.1 |
| $ | 53.4 |
| $ | 17.0 |
| $ | 15.3 |
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Ratio of earnings to fixed charges |
| 5.4 |
| 2.4 |
| — |
| 21.8 |
| 9.7 |
|
(1) Fixed charges exceeded earnings by $427.5 million in 2001.