Exhibit 12
Radian Group Inc.
Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Dividends
| 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
| Net earnings (loss) from continuing operations | $ | 281,539 | $ | 1,259,574 | $ | (141,851 | ) | $ | (224,105 | ) | $ | (446,790 | ) | ||||||
| Federal and state income tax provision (benefit) | 156,290 | (852,418 | ) | (31,495 | ) | (48,323 | ) | (138,238 | ) | ||||||||||
| Earnings (loss) before income taxes | 437,829 | 407,156 | (173,346 | ) | (272,428 | ) | (585,028 | ) | |||||||||||
| Equity in net income of affiliates | — | — | — | — | — | ||||||||||||||
| Distributed income from equity investees | — | — | — | — | — | ||||||||||||||
| Net earnings (loss) | 437,829 | 407,156 | (173,346 | ) | (272,428 | ) | (585,028 | ) | |||||||||||
| Fixed charges: | |||||||||||||||||||
| Interest | 91,102 | 90,464 | 74,618 | 51,832 | 61,394 | ||||||||||||||
| One-Third of all rentals | 1,656 | 1,308 | 1,020 | 1,269 | 1,060 | ||||||||||||||
| Fixed charges | 92,758 | 91,772 | 75,638 | 53,101 | 62,454 | ||||||||||||||
| Preferred dividends | — | — | — | — | — | ||||||||||||||
| Fixed charges and preferred dividends | 92,758 | 91,772 | 75,638 | 53,101 | 62,454 | ||||||||||||||
| Net earnings (loss) and fixed charges | $ | 530,587 | $ | 498,928 | $ | (97,708 | ) | $ | (219,327 | ) | $ | (522,574 | ) | ||||||
| Net earnings (loss), fixed charges and preferred dividends | $ | 530,587 | $ | 498,928 | $ | (97,708 | ) | $ | (219,327 | ) | $ | (522,574 | ) | ||||||
| Ratio of net earnings (loss) and fixed charges to fixed charges | 5.7x | 5.4x | (1) | (1) | (1) | ||||||||||||||
| Ratio of net earnings (loss), fixed charges and preferred stock dividends to fixed charges and preferred stock dividends (2) | 5.7x | 5.4x | (1) | (1) | (1) | ||||||||||||||
(1) For the periods ended December 31, 2013, 2012 and 2011, earnings were not adequate to cover fixed charges in the
amounts of $(97,708), $(219,327) and $(522,574), respectively.
(2) Interest on tax accruals that are non-third party indebtedness are excluded from the calculation.