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
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1995 1994 1995 1994
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EARNINGS:
Income before income taxes $143,254 159,194 291,400 241,197
Add: fixed charges 19,291 15,392 36,736 32,870
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Income, as adjusted $162,545 174,586 328,136 274,067
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FIXED CHARGES:
Interest costs $13,740 10,358 25,357 20,212
Rental expense (1) 5,551 5,034 11,379 12,658
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Total fixed charges $19,291 15,392 36,736 32,870
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FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Fixed charges $19,291 15,392 36,736 32,870
PSOP preferred stock dividends 4,538 4,591 9,092 9,194
Dividends on monthly income
preferred securities 1,553 - 1,553 -
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Total fixed charges and preferred
stock dividends $25,382 19,983 47,381 42,064
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Ratio of earnings to fixed charges 8.43 11.34 8.93 8.34
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Ratio of earnings to combined fixed charges
and preferred stock dividends 6.40 8.74 6.93 6.52
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(1) Interest portion deemed implicit in total rent expense.