Exhibit 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
| Six Months Ended June 30, | Years Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Income before income taxes | $ | 903.1 | $ | 1,565.2 | $ | 1,556.9 | $ | (222.3 | ) | $ | 1,693.0 | $ | 2,433.2 | |||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest and amortization on indebtedness | 63.3 | 134.6 | 141.5 | 141.7 | 111.0 | 79.7 | ||||||||||||||||||
Portion of rents representative of the interest factor | 4.0 | 9.2 | 9.9 | 15.3 | 23.8 | 22.9 | ||||||||||||||||||
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Total Fixed Charges | 67.3 | 143.8 | 151.4 | 157.0 | 134.8 | 102.6 | ||||||||||||||||||
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Interest capitalized, net of amortized interest | (.3 | ) | (1.0 | ) | (2.2 | ) | (4.5 | ) | (1.8 | ) | (1.6 | ) | ||||||||||||
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Total income available for fixed charges | $ | 970.1 | $ | 1,708.0 | $ | 1,706.1 | $ | (69.8 | ) | $ | 1,826.0 | $ | 2,534.2 | |||||||||||
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Ratio of earnings to fixed charges | 14.4 | 11.9 | 11.3 | (a) | 13.5 | 24.7 | ||||||||||||||||||
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| (a) | Earnings were inadequate to cover total fixed charges by $226.8 million for the year ended December 31, 2008. |
