Radian (RDN) 10-Q 2014 Q2 Quarterly report

Exhibit 12

Radian Group Inc.

Ratio of Earnings to Fixed Charges

(In thousands)	Six Months Ended			Fiscal Years Ended December 31,
	June 30, 2014			2013			2012			2011			2010			2009
Net earnings (loss)	$	377,592		$	(196,985	)	$	(451,468	)	$	302,150		$	(1,805,867	)	$	(147,879	)
Federal and state income tax provision  (benefit)	3,335			(10,070		)	7,271			66,362			226,189			(94,401		)
Earnings (loss) before income taxes	380,927			(207,055		)	(444,197		)	368,512			(1,579,678		)	(242,280		)
Equity in net loss (income) of affiliates	(13		)	(1		)	13			(65		)	(14,668		)	(33,226		)
Distributed income from equity investees	—			—			92			—			29,498			11,040
Net earnings (loss) before fixed charges	380,914			(207,056		)	(444,092		)	368,447			(1,564,848		)	(264,466		)
Fixed charges:
Interest	42,275			74,618			51,832			61,394			41,777			46,010
One-Third of all rentals	419			1,432			1,873			1,678			1,621			2,496
Fixed charges	42,694			76,050			53,705			63,072			43,398			48,506
Net earnings (loss) available for fixed charges (1)	$	423,608		$	(131,006	)	$	(390,387	)	$	431,519		$	(1,521,450	)	$	(215,960	)
Ratio of net earnings (loss) to fixed charges	9.9x			(2)			(2)			6.8x			(2)			(2)

(1) We do not have any preferred stock dividends for any of the periods presented.

(2) For the fiscal years ended December 31, 2013, 2012, 2010 and 2009, earnings were not adequate to cover fixed charges in the amounts of $(131,006), $(390,387), $(1,521,450) and $(215,960), respectively. Interest on tax accruals that are non-third party indebtedness are excluded from the calculations.