Exhibit 12.1
Brown & Brown’s ratio of earnings to fixed charges for each of the periods indicated is as follows:
FOR THE YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 14,690 | $ | 13,802 | $ | 13,357 | $ | 14,469 | $ | 7,156 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | — | — | — | — | — | |||||||||||||||
Estimate of interest within rental expense | — | — | — | — | — | |||||||||||||||
Preferenced security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Total Fixed Charges | $ | 14,690 | $ | 13,802 | $ | 13,357 | $ | 14,469 | $ | 7,156 | ||||||||||
Earnings: | ||||||||||||||||||||
Pretax income | $ | 272,498 | $ | 311,527 | $ | 280,041 | $ | 244,130 | $ | 206,949 | ||||||||||
Addback: | ||||||||||||||||||||
Fixed charges | 14,690 | 13,802 | 13,357 | 14,469 | 7,156 | |||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
Losses of equity investees | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Interest capitalized | — | — | — | — | — | |||||||||||||||
Preference security dividend requirement of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Minority interest in pre-tax income of subsidiaries | — | — | — | — | — | |||||||||||||||
Total Earnings | $ | 287,188 | $ | 325,329 | $ | 293,398 | $ | 258,599 | $ | 214,105 | ||||||||||
Ratio of Earnings to Fixed Charges | 19.5 | 23.6 | 22.0 | 17.9 | 29.9 |