THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Exhibit 12
Computation of Ratios
(In thousands, except ratios)
Three Months Ended Nine Months Ended
September 30 September 30
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1994 1993 1994 1993
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EARNINGS:
Income before income taxes $165,201 158,416 406,398 407,659
Add: fixed charges 16,782 17,529 49,652 51,892
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Income, as adjusted $181,983 175,945 456,050 459,551
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FIXED CHARGES:
Interest costs $10,640 10,887 30,852 32,501
Rental expense (1) 6,142 6,642 18,800 19,391
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Total fixed charges $16,782 17,529 49,652 51,892
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FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Fixed charges $16,782 17,529 49,652 51,892
Preferred stock dividends 4,578 4,759 13,772 13,875
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Total fixed charges and preferred
stock dividends $21,360 22,288 63,424 65,767
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Ratio of earnings to fixed charges 10.84 10.04 9.18 8.86
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Ratio of earnings to combined fixed charges
and preferred stock dividends 8.52 7.89 7.19 6.99
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(1) Interest portion deemed implicit in total rent expense.