Radian (RDN) 10-Q 2013 Q3 Quarterly report

Exhibit 12

Radian Group Inc.

Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends

(In thousands)	Nine Months Ended			Fiscal Years Ended December 31,
	September 30, 2013			2012			2011			2010			2009			2008
Net (loss) earnings	$	(233,354	)	$	(451,468	)	$	302,150		$	(1,805,867	)	$	(147,879	)	$	(410,579	)
Federal and state income tax (benefit) provision	(9,149		)	7,271			66,362			226,189			(94,401		)	(263,550		)
(Loss) earnings before income taxes	(242,503		)	(444,197		)	368,512			(1,579,678		)	(242,280		)	(674,129		)
Equity in net (income) loss of affiliates	(1		)	13			(65		)	(14,668		)	(33,226		)	(59,797		)
Distributed income from equity investees	—			92			—			29,498			11,040			35,460
Net (loss) earnings	(242,504		)	(444,092		)	368,447			(1,564,848		)	(264,466		)	(698,466		)
Fixed charges:
Interest	54,871			51,832			61,394			41,777			46,010			53,514
One-Third of all rentals	1,066			1,873			1,678			1,621			2,496			2,529
Fixed charges	55,937			53,705			63,072			43,398			48,506			56,043
Preferred dividends	—			—			—			—			—			—
Fixed charges and preferred dividends	55,937			53,705			63,072			43,398			48,506			56,043
Net (loss) earnings and fixed charges	$	(186,567	)	$	(390,387	)	$	431,519		$	(1,521,450	)	$	(215,960	)	$	(642,423	)
Net (loss) earnings, fixed charges and preferred dividends	$	(186,567	)	$	(390,387	)	$	431,519		$	(1,521,450	)	$	(215,960	)	$	(642,423	)
Ratio of net (loss) earnings and fixed charges to fixed charges	(1		)	(1		)	6.8x			(1		)	(1		)	(1		)
Ratio of net (loss) earnings, fixed charges and preferred stock dividends to fixed charges and preferred stock dividends (2)	(1		)	(1		)	6.8x			(1		)	(1		)	(1		)

(1) For the nine months ended September 30, 2013, and in 2012, 2010, 2009, and 2008, earnings were not adequate to cover fixed charges in the amounts of $186.6 million, $390.4 million, $1,521.5 million, $216.0 million, and $642.4 million, respectively.

(2) Interest on tax accruals that are non-third party indebtedness are excluded from the calculation.