Exhibit 12.1
The Navigators Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
| Year ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Income before income taxes | $ | 140,536 | $ | 92,273 | $ | 91,736 | $ | 32,734 | $ | 98,829 | ||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 4,407 | 3,817 | 3,515 | 3,476 | 3,093 | |||||||||||||||
Letter of credit charges | 2,351 | 1,985 | 2,707 | 2,388 | 2,645 | |||||||||||||||
Interest expense | 15,413 | 10,507 | 8,198 | 8,188 | 8,178 | |||||||||||||||
Call premium on Senior Notes | — | 17,895 | — | — | — | |||||||||||||||
Amortization of discount and other bank fees | 176 | 159 | 148 | 138 | 128 | |||||||||||||||
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Income as adjusted | $ | 162,883 | $ | 126,636 | $ | 106,304 | $ | 46,924 | $ | 112,873 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 4,407 | $ | 3,817 | $ | 3,515 | $ | 3,476 | $ | 3,093 | ||||||||||
Interest expense | 15,413 | 10,507 | 8,198 | 8,188 | 8,178 | |||||||||||||||
Call premium on Senior Notes | — | 17,895 | — | — | — | |||||||||||||||
Letter of credit charges | 2,351 | 1,985 | 2,707 | 2,388 | 2,645 | |||||||||||||||
Amortization of discount and other bank fees | 176 | 159 | 148 | 138 | 128 | |||||||||||||||
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Total | $ | 22,347 | $ | 34,363 | $ | 14,568 | $ | 14,190 | $ | 14,044 | ||||||||||
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Ratio of earnings to fixed charges | 7.29 | 3.69 | 7.30 | 3.31 | 8.04 | |||||||||||||||
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