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Content analysis
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H.S. sophomore Avg
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Exhibit 12
Arch Capital Group Ltd. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
(in thousands, except ratios)
|
| Years Ended December 31, |
| |||||||||||||
|
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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|
| |||||
Income before income taxes |
| $ | 850,456 |
| $ | 897,653 |
| $ | 304,505 |
| $ | 873,544 |
| $ | 739,893 |
|
Equity in net (income) loss of investees |
| (56,035 | ) | (183,038 | ) | 166,326 |
| (8,877 | ) | (3,102 | ) | |||||
Fixed charges |
| 35,018 |
| 30,074 |
| 29,673 |
| 27,032 |
| 26,386 |
| |||||
Income available for fixed charges |
| $ | 829,439 |
| $ | 744,689 |
| $ | 500,504 |
| $ | 891,699 |
| $ | 763,177 |
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Fixed charges: |
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Interest and amortization on indebtedness |
| 30,007 |
| 24,440 |
| 23,838 |
| 22,093 |
| 22,090 |
| |||||
Estimate of interest component within rental expense net of sublease (income) (1) |
| 5,011 |
| 5,634 |
| 5,835 |
| 4,939 |
| 4,296 |
| |||||
Total fixed charges |
| 35,018 |
| 30,074 |
| 29,673 |
| 27,032 |
| 26,386 |
| |||||
Preference dividends |
| 25,844 |
| 25,844 |
| 25,844 |
| 25,844 |
| 20,655 |
| |||||
Total fixed charges and preference dividends |
| 60,862 |
| 55,918 |
| 55,517 |
| 52,876 |
| 47,041 |
| |||||
Ratio of earnings to fixed charges |
| 23.7 |
| 24.8 |
| 16.9 |
| 33.0 |
| 28.9 |
| |||||
Ratio of earnings to fixed charges and preference dividends |
| 13.6 |
| 13.3 |
| 9.0 |
| 16.9 |
| 16.2 |
|
(1) Represents a reasonable approximation of the interest cost component of rental expense net of sublease (income) incurred by the Company.