Exhibit 12 THE CONTINENTAL CORPORATION STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (dollars in millions) Year Ended December 31 1989 1990 1991 1992 1993 Income from continuing operations before income taxes per consolidated income statements $192.1 $196.5 $ 95.5 $130.7 $177.9 Add: Portion of rents representative of the interest factor 35.8 35.2 35.4 33.2 29.9 Interest on indebtedness 98.6 105.8 96.3 100.7 100.3 Amortization of debt expense and premium 0.5 0.5 0.5 0.5 0.5 Less: Equity earnings from minority affiliates in excess of dividends received 16.8 6.6 11.3 10.7 10.7 Income as adjusted $310.2 $331.4 $216.4 $254.4 $297.9 Fixed Charges: Rents: 108.6 106.6 107.4 100.5 90.7 Portion of rents representative of interest factor (1) 35.8 35.2 35.4 33.2 29.9 Interest: (2) 92.6 99.9 90.5 94.9 94.6 Amortization of debt expense and premium (3) 0.5 0.5 0.5 0.5 0.5 Capital Leases (4) 6.0 5.9 5.8 5.8 5.7 FIXED CHARGES (1)+(2)+(3)+(4) $134.9 $141.5 $132.2 $134.4 $130.7 RATIO OF EARNINGS TO FIXED CHARGES 2.30 2.34 1.64 1.89 2.28 Exhibit 12 THE CONTINENTAL CORPORATION STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (dollars in millions) Quarter Ended March 31 1993 1994 Income from continuing operations before income taxes per consolidated income statement $18.9 $(89.9) Add: Portion of rents representative of the interest factor 7.5 7.1 Interest on indebtedness 27.0 21.8 Amortization of debt expense and premium 0.1 0.1 Less: Equity earnings from minority affiliates in excess of dividends received 2.7 (0.9) Income as adjusted $ 50.9 $(60.0) Fixed Charges: Rents: 22.7 21.4 Portion of rents representative of interest factor (1) 7.5 7.1 Interest: (2) 25.6 20.4 Amortization of debt expense and premium (3) 0.1 0.1 Capital Leases (4) 1.4 1.4 FIXED CHARGES (1)+(2)+(3)+(4) $ 34.6 $ 29.0 RATIO OF EARNINGS TO FIXED CHARGES 1.47 (2.07)