| MGIC INVESTMENT CORPORATION | |||||||||||||||||||
| COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
| (in thousands, except for ratio data) | |||||||||||||||||||
| Three | |||||||||||||||||||
| Months | |||||||||||||||||||
| Ended | |||||||||||||||||||
| March 31, | Year ended December 31, | ||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
| Net income (loss) before taxes | $ | 103,688 | $ | 487,687 | $ | 254,723 | $ | (46,152 | ) | $ | (928,644 | ) | $ | (484,299 | ) | ||||
| Fixed charges: | |||||||||||||||||||
| Interest expense | 13,125 | 65,078 | 65,783 | 65,656 | 59,526 | 69,135 | |||||||||||||
| Amortization of debt expense | 1,576 | 3,854 | 3,865 | 14,007 | 39,818 | 34,136 | |||||||||||||
| Rent expense (1/4) | |||||||||||||||||||
| (reasonable approximation of the interest factor) | 134 | 551 | 704 | 1,139 | 2,224 | 2,429 | |||||||||||||
| Total fixed charges | 14,835 | 69,483 | 70,352 | 80,802 | 101,568 | 105,700 | |||||||||||||
| Net earnings (loss) and fixed charges | $ | 118,523 | $ | 557,170 | $ | 325,075 | $ | 34,650 | $ | (827,076 | ) | $ | (378,599 | ) | |||||
| Ratio of net earnings (loss) and fixed charges to fixed charges | 8.0 | 8.0 | 4.6 | 0.4 | (1) | (1) | |||||||||||||
| (1) Total earnings were insufficient to cover fixed charges by $928.6 million and $484.3 million in 2012 and 2011, respectively. Total losses included net losses incurred of $2.1 billion and $1.7 billion in 2012 and 2011, respectively. | |||||||||||||||||||
