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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1997 1996 1997 1996
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EARNINGS:
Income from continuing
operations before income taxes $308,377 172,975 553,587 350,463
Add: fixed charges 18,360 17,051 37,397 33,636
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Income, as adjusted $326,737 190,026 590,984 384,099
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FIXED CHARGES:
Interest costs $13,925 12,724 26,826 25,148
Rental expense (1) 4,435 4,327 10,571 8,488
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Total fixed charges $18,360 17,051 37,397 33,636
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FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS:
Fixed charges $18,360 17,051 37,397 33,636
PSOP preferred stock dividends 4,391 4,474 8,815 8,963
Dividends on monthly income
preferred securities 3,105 3,105 6,210 6,210
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Total fixed charges and
preferred stock dividends $25,856 24,630 52,422 48,809
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Ratio of earnings to fixed charges 17.80 11.14 15.80 11.42
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Ratio of earnings to
combined fixed charges
and preferred stock dividends 12.64 7.72 11.27 7.87
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(1) Interest portion deemed implicit in total rent expense.