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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1996 1995 1996 1995
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EARNINGS:
Income before income taxes $168,451 143,254 332,531 291,400
Add: fixed charges 17,584 19,291 34,703 36,736
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Income, as adjusted $186,035 162,545 367,234 328,136
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FIXED CHARGES:
Interest costs $12,724 13,740 25,148 25,357
Rental expense (1) 4,860 5,551 9,555 11,379
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Total fixed charges $17,584 19,291 34,703 36,736
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FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Fixed charges $17,584 19,291 34,703 36,736
PSOP preferred stock dividends 4,474 4,538 8,963 9,092
Dividends on monthly income
preferred securities 3,105 1,553 6,210 1,553
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Total fixed charges and preferred
stock dividends $25,163 25,382 49,876 47,381
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Ratio of earnings to fixed charges 10.58 8.43 10.58 8.93
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Ratio of earnings to combined fixed charges
and preferred stock dividends 7.39 6.40 7.36 6.93
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(1) Interest portion deemed implicit in total rent expense.