THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES
Exhibit 12
Computation of Ratios
(In thousands, except ratios)
Three Months Ended Six Months Ended
June 30 June 30
------------------ ------------------
1994 1993 1994 1993
----- ----- ----- -----
EARNINGS:
Income before income taxes $159,194 139,401 241,197 249,243
Add: fixed charges 15,392 17,121 32,870 34,363
------- ------- ------- -------
Income, as adjusted $174,586 156,522 274,067 283,606
======= ======= ======= =======
FIXED CHARGES:
Interest costs $10,358 10,773 20,212 21,614
Rental expense (1) 5,034 6,348 12,658 12,749
------- ------- ------- -------
Total fixed charges $15,392 17,121 32,870 34,363
======= ======= ======= =======
FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS:
Fixed charges $15,392 17,121 32,870 34,363
Preferred stock dividends 4,591 4,553 9,194 9,117
------- ------- ------- -------
Total fixed charges and preferred
stock dividends $19,983 21,674 42,064 43,480
======= ======= ======= =======
Ratio of earnings to fixed charges 11.34 9.14 8.34 8.25
======= ======= ======= =======
Ratio of earnings to combined fixed
charges and preferred stock dividends 8.74 7.22 6.52 6.52
======= ======= ======= =======
(1) Interest portion deemed implicit in total rent expense.