Exhibit 12.1
The Navigators Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Income before income taxes | $ | 74,806 | $ | 117,509 | $ | 117,474 | $ | 140,536 | $ | 92,273 | ||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 4,394 | 4,430 | 4,295 | 4,407 | 3,817 | |||||||||||||||
Interest expense | 15,447 | 15,435 | 15,424 | 15,413 | 10,507 | |||||||||||||||
Call premium on Senior Notes | — | — | — | — | 17,895 | |||||||||||||||
Letter of credit charges | 3,003 | 2,986 | 1,968 | 2,351 | 1,985 | |||||||||||||||
Amortization of discount and other bank fees | 210 | 198 | 187 | 176 | 159 | |||||||||||||||
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Income as adjusted | $ | 97,860 | $ | 140,558 | $ | 139,348 | $ | 162,883 | $ | 126,636 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 4,394 | $ | 4,430 | $ | 4,295 | $ | 4,407 | $ | 3,817 | ||||||||||
Interest expense | 15,447 | 15,435 | 15,424 | 15,413 | 10,507 | |||||||||||||||
Call premium on Senior Notes | — | — | — | — | 17,895 | |||||||||||||||
Letter of credit charges | 3,003 | 2,986 | 1,968 | 2,351 | 1,985 | |||||||||||||||
Amortization of discount and other bank fees | 210 | 198 | 187 | 176 | 159 | |||||||||||||||
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Total | $ | 23,054 | $ | 23,049 | $ | 21,874 | $ | 22,347 | $ | 34,363 | ||||||||||
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Ratio of earnings to fixed charges | 4.24 | 6.10 | 6.37 | 7.29 | 3.69 | |||||||||||||||
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