EXHIBIT 12.1
The PMI Group, Inc. and its Subsidiaries
Computation of Ratio of Profit to Fixed Charges
| 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||
Income before income taxes and extraordinary item (1) | $ | 455,874 | $ | 428,178 | $ | 361,986 | $ | 283,025 | $ | 263,723 | |||||
Fixed Charges: | |||||||||||||||
Rentals—at computed interest* | 3,826 | 4,351 | 3,756 | 2,760 | 2,959 | ||||||||||
Interest Expense | 23,147 | 15,217 | 10,361 | 8,705 | 7,180 | ||||||||||
Distribution on redeemable capital securities | 4,030 | 7,604 | 8,309 | 8,311 | 8,311 | ||||||||||
Total fixed charges | 31,003 | 27,172 | 22,426 | 19,776 | 18,450 | ||||||||||
Profit before taxes plus fixed charges | $ | 486,877 | $ | 455,350 | $ | 384,412 | $ | 302,801 | $ | 282,173 | |||||
Ratio of adjusted profit to fixed charges | 15.7 | 16.8 | 17.1 | 15.3 | 15.3 | ||||||||||
| * | Those portions of rent expense that are representative of interest cost |
| (1) | Income reduced for equity earnings in unconsolidated subsidiaries less than 50% owned. |
