Radian (RDN) 10-K2008 FY Annual report

Filed: 10 Mar 09, 12:00am

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Removed: abroad, accommodate, Accommodation, achieving, Assured, attracting, attractive, backing, begun, behalf, booked, Brazilian, breadth, brokerage, carefully, CDC, cession, channel, Citibank, Citigroup, closure, commencing, comparative, connected, Conseco, conveyed, culture, cyclical, dedicate, deducted, deloitte, Denmark, desirability, desirable, desire, detected, deviate, dictate, disciplined, disproportionate, economical, endorsement, energy, ensuring, entirety, ERC, Europe, evolve, execution, exempted, expiring, explicit, feedback, Finally, flat, formulating, foundation, greatly, hand, household, implicit, imposition, improper, integrate, intelligence, intermediate, introduction, leading, Ltda, manufactured, mark, mortgagee, mortgagor, multiline, municipality, originator, Overseeing, passporting, percent, population, Practical, prevented, productivity, profitably, proven, prudently, RAM, realizable, recipient, reclassifying, recovered, redeemable, refined, registration, reliant, remeasured, renewed, reorganized, repurchasing, resolved, restructured, retroactive, SAP, SBF, screened, securitize, selective, served, serviced, shelf, showed, site, solve, SOP, split, subscription, substitution, suffering, superseded, sustain, terrorist, thousand, tight, Triad, twelve, unavailable, undergo, universal, unwilling, usable, waived, XL

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Exhibit 12

Radian Group Inc.

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

($ in thousands)


	2008			2007			2006			2005			2004
Net (loss) earnings	$	(410,579	)	$	(1,290,299	)	$	582,172		$	522,854		$	518,653
Federal and state income taxes		(263,550	)		(778,616	)		231,097			217,485			206,939

(Loss) earnings before income taxes		(674,129	)		(2,068,915	)		813,269			740,339			725,592
Equity in net income (loss) of affiliates		59,797			416,541			(256,993	)		(217,692	)		(180,550	)
Distributed income from equity investees		35,460			51,512			150,609			144,161			82,300

Net (loss) earnings		(578,872	)		(1,600,862	)		706,885			666,808			627,342

Fixed charges:
Interest		53,514			53,068			48,149			43,043			34,660
One-third of all rentals (2)		2,529			2,746			3,255			2,852			2,669

Fixed charges		56,043			55,814			51,404			45,895			37,329
Preferred dividends		0			0			0			0			0

Fixed charges and preferred dividends		56,043			55,814			51,404			45,895			37,329

Net (loss) earnings and fixed charges	$	(522,829	)	$	(1,545,048	)	$	758,289		$	712,703		$	664,671

Net (loss) earnings, fixed charges and preferred dividends	$	(522,829	)	$	(1,545,048	)	$	758,289		$	712,703		$	664,671

Ratio of net (loss) earnings and fixed charges to fixed charges		(1	)		(1	)		14.8x			15.5x			17.8x
Ratio of net (loss) earnings, fixed charges and preferred stock dividends to fixed charges and preferred stock dividends		(1	)		(1	)		14.8x			15.5x			17.8x

(1)	In 2008 and 2007, earnings were not adequate to cover fixed charges in the amount of $522,829 and $1,545,048, respectively.

(2)	The amount of interest included in the calculation represents a reasonable approximation of the interest factor.