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
------------------ ------------------
1996 1995 1996 1995
----- ----- ----- -----
EARNINGS:
Income (loss) before income taxes $(136,524) 178,105 196,007 469,505
Add: fixed charges 18,600 21,073 53,304 57,809
------- ------- ------- -------
Income (loss), as adjusted $(117,924) 199,178 249,311 527,314
======= ======= ======= =======
FIXED CHARGES:
Interest costs $13,071 15,703 38,220 41,060
Rental expense (1) 5,529 5,370 15,084 16,749
------- ------- ------- -------
Total fixed charges $18,600 21,073 53,304 57,809
======= ======= ======= =======
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Fixed charges $18,600 21,073 53,304 57,809
PSOP preferred stock dividends 4,458 4,523 13,422 13,615
Dividends on monthly income
preferred securities 3,105 3,105 9,315 4,658
------- ------- ------- -------
Total fixed charges and preferred
stock dividends $26,163 28,701 76,041 76,082
======= ======= ======= =======
Ratio of earnings to fixed charges (2) - 9.45 4.68 9.12
======= ======= ======= =======
Ratio of earnings to combined fixed charges
and preferred stock dividends (2) - 6.94 3.28 6.93
======= ======= ======= =======
(1) Interest portion deemed implicit in total rent expense.
(2) The 1996 third quarter loss was inadequate to cover "fixed
charges" by $136.5 million and "combined fixed charges and
preferred stock dividends" by $144.1 million.