MGIC INVESTMENT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except for ratio data)
Year ended December 31, | ||||||||||||||||||||||
Three Months Ended March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
Loss before taxes and equity investees | $ | (71,791 | ) | $ | (928,644 | ) | $ | (484,299 | ) | $ | (359,400 | ) | $ | (1,765,053 | ) | $ | (947,639 | ) | ||||
Distributions from equity investees | - | - | - | - | - | 22,204 | ||||||||||||||||
Net loss | (71,791 | ) | (928,644 | ) | (484,299 | ) | (359,400 | ) | (1,765,053 | ) | (925,435 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense | 15,345 | 59,526 | 69,135 | 70,621 | 65,485 | 65,659 | ||||||||||||||||
Amortization of debt expense | 11,061 | 39,818 | 34,136 | 27,968 | 23,781 | 15,415 | ||||||||||||||||
Rent expense (1/4 for 2013-2010, 1/3 for 2009-2008) | ||||||||||||||||||||||
(reasonable approximation of the interest factor) | 541 | 2,224 | 2,429 | 2,566 | 3,531 | 4,074 | ||||||||||||||||
Total fixed charges | 26,947 | 101,568 | 105,700 | 101,155 | 92,797 | 85,148 | ||||||||||||||||
Net loss and fixed charges | $ | (44,844 | ) | $ | (827,076 | ) | $ | (378,599 | ) | $ | (258,245 | ) | $ | (1,672,256 | ) | $ | (840,287 | ) | ||||
Ratio of net loss and fixed charges to fixed charges | (1) | (1) | (1) | (1) | (1) | (1) |
(1) Total earnings were insufficient to cover fixed charges by $71.8 million, $928.6 million, $484.3 million, $359.4 million, $1.8 billion and $925.4 million for the three months ended March 31, 2013, and the years 2012, 2011, 2010, 2009 and 2008, respectively. Total net loss includes net losses incurred of $266.2 million, $2.1 billion, $1.7 billion, $1.6 billion, $3.4 billion and $3.1 billion for the three months ended March 31, 2013, and the years 2012, 2011, 2010, 2009 and 2008, respectively.