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Filing tables
Filing exhibits
- 10-K Annual report
- 10.26 Fourth Amendment to Stockholders Agreement
- 10.26 Fifth Amendment to Stockholder's Agreement
- 11.1 Statement Re: Computation of Net Income Per Share
- 12.1 Statement Re: Computation of Ration of Earnings to Fixed Charges
- 21.1 Subsidiaries of the Registrant
- 23.1 Consents of Ernst & Young LLP
- 31.1 Certificate of Chief Executive Officer
- 31.2 Certificate of Chief Financial Officer
- 32.1 Certificate of Chief Executive Officer
- 32.2 Certificate of Chief Financial Officer
- 99.1 PMI Mortgage Insurance and Subsidiaries Consolidated Financial Statements
Related press release
PMI similar filings
Filing view
External links
Exhibit 12.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(In thousands, except for ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 540,831 | $ | 478,991 | $ | 393,122 | $ | 450,162 | $ | 432,272 | ||||||||||
Less: Equity in earnings from unconsolidated subsidiaries | (97,885 | ) | (83,554 | ) | (4,597 | ) | (44,225 | ) | (18,788 | ) | ||||||||||
Add: Equity earnings from unconsolidated subsidiaries with greater than 50% ownership | (2,690 | ) | 764 | (31,096 | ) | 23,371 | — | |||||||||||||
Add: Distributed earnings of subsidiaries with less than 50% ownership | 7,190 | 1,007 | 157 | 5,798 | — | |||||||||||||||
Fixed charges | 39,956 | 44,497 | 40,414 | 30,599 | 27,173 | |||||||||||||||
Total earnings | $ | 487,402 | 441,705 | $ | 398,000 | $ | 465,705 | $ | 440,657 | |||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense and distributions on mandatorily redeemable preferred securities | $ | 31,137 | $ | 34,626 | $ | 24,491 | $ | 21,684 | $ | 22,822 | ||||||||||
Interest expense of unconsolidated subsidiaries with greater than 50% ownership | 6,350 | 7,540 | 12,389 | 5,493 | — | |||||||||||||||
Interest component of rent expense(1) | 2,469 | 2,331 | 3,534 | 3,422 | 4,351 | |||||||||||||||
Total fixed charges | $ | 39,956 | $ | 44,497 | $ | 40,414 | $ | 30,599 | $ | 27,173 | ||||||||||
Ratio of earnings to fixed charges | 12.20 | 9.93 | 9.85 | 15.22 | 16.22 | |||||||||||||||
(1) | Represents an estimated interest factor |