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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1997 1996 1997 1996
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EARNINGS:
Income from continuing
operations before income taxes $202,570 115,923 756,157 466,386
Add: fixed charges 19,091 18,067 56,488 51,703
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Income, as adjusted $221,661 133,990 812,645 518,089
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FIXED CHARGES:
Interest costs $13,576 13,072 40,402 38,220
Rental expense (1) 5,515 4,995 16,086 13,483
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Total fixed charges $19,091 18,067 56,488 51,703
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FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS:
Fixed charges $19,091 18,067 56,488 51,703
PSOP preferred stock dividends 4,352 4,458 13,168 13,422
Dividends on monthly income
preferred securities 3,105 3,105 9,315 9,315
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Total fixed charges and
preferred stock dividends $26,548 25,630 78,971 74,440
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Ratio of earnings to fixed charges 11.61 7.42 14.39 10.02
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Ratio of earnings to combined
fixed charges and
preferred stock dividends 8.35 5.23 10.29 6.96
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(1) Interest portion deemed implicit in total rent expense.