Exhibit 12.1
Ambac Financial Group, Inc.
Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
Years Ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 2005 | 2004 | |||||||||||||||
Earnings: | |||||||||||||||||||||
Pre-tax income from continuing operations | $ | 976,782 | $ | 849,589 | $ | 563,331 | $ | 568,014 | $ | 481,880 | $ | 739,860 | $ | 721,629 | |||||||
Interest expense | 54,322 | 54,201 | 43,724 | 40,442 | 37,477 | 40,653 | 40,808 | ||||||||||||||
Portion of rentals deemed to be interest | 2,836 | 2,478 | 2,126 | 1,972 | 1,859 | 2,628 | 2,070 | ||||||||||||||
Earnings | $ | 1,033,940 | $ | 906,268 | $ | 609,181 | $ | 610,428 | $ | 521,216 | $ | 783,141 | $ | 764,507 | |||||||
Fixed Charges: | |||||||||||||||||||||
Interest Expense | $ | 54,322 | $ | 54,201 | $ | 43,724 | $ | 40,442 | $ | 37,477 | $ | 40,653 | $ | 40,808 | |||||||
Portion of rentals deemed to be interest | 2,836 | 2,478 | 2,126 | 1,972 | 1,859 | 2,628 | 2,070 | ||||||||||||||
Fixed Charges | $ | 57,158 | $ | 56,679 | $ | 45,850 | $ | 42,414 | $ | 39,336 | $ | 43,281 | $ | 42,878 | |||||||
Ratio of earnings to fixed charges | 18.1 | 16.0 | 13.3 | 14.4 | 13.3 | 18.1 | 17.8 | ||||||||||||||