Radian (RDN) 10-Q 2015 Q3 Quarterly report

Exhibit 12

Radian Group Inc.

Ratio of Earnings to Fixed Charges

	Nine Months Ended		Fiscal Years Ended December 31,
(In thousands)	September 30, 2015		2014			2013			2012			2011			2010
Net earnings (loss) from continuing operations	$	207,011	$	1,259,574		$	(141,851	)	$	(224,105	)	$	(446,790	)	$	(1,418,111	)
Federal and state income tax provision (benefit)	126,108		(852,418		)	(31,495		)	(48,323		)	(138,238		)	481,899
Earnings (loss) before income taxes	333,119		407,156			(173,346		)	(272,428		)	(585,028		)	(936,212		)
Equity in net income of affiliates	—		—			—			—			—			(14,598		)
Distributed income from equity investees	—		—			—			—			—			29,498
Net earnings (loss)	333,119		407,156			(173,346		)	(272,428		)	(585,028		)	(921,312		)
Fixed charges:
Interest	70,106		90,464			74,618			51,832			61,394			41,777
One-Third of all rentals	1,250		1,308			1,020			1,269			1,060			966
Fixed charges	71,356		91,772			75,638			53,101			62,454			42,743
Preferred dividends	—		—			—			—			—			—
Fixed charges and preferred dividends	71,356		91,772			75,638			53,101			62,454			42,743
Net earnings (loss) and fixed charges	$	404,475	$	498,928		$	(97,708	)	$	(219,327	)	$	(522,574	)	$	(878,569	)
Net earnings (loss), fixed charges and preferred dividends	$	404,475	$	498,928		$	(97,708	)	$	(219,327	)	$	(522,574	)	$	(878,569	)
Ratio of net earnings (loss) and fixed charges to fixed charges	5.7x		5.4x			(1)			(1)			(1)			(1)
Ratio of net earnings (loss), fixed charges and preferred dividends to fixed charges and preferred dividends (2)	5.7x		5.4x			(1)			(1)			(1)			(1)

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(1) For the fiscal years ended December 31, 2013, 2012, 2011 and 2010, earnings were not adequate to cover fixed charges in the amounts of $(97,708), $(219,327), $(522,574) and $(878,569), respectively.

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