THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Exhibit 12
Computation of Ratios
(In thousands, except ratios)
Three Months Ended
March 31
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1998 1997
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EARNINGS:
Income before income taxes $193,209 245,210
Add: fixed charges 18,785 19,477
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Income, as adjusted $211,994 264,687
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FIXED CHARGES:
Interest costs $12,489 12,901
Rental expense (1) 6,296 6,576
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Total fixed charges $18,785 19,477
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FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS:
Fixed charges $18,785 19,477
PSOP preferred stock dividends 4,291 4,425
Dividends on monthly income
preferred securities 3,105 3,105
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Total fixed charges and
preferred stock dividends $26,181 27,007
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Ratio of earnings to fixed charges 11.29 13.59
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Ratio of earnings to combined fixed
charges and preferred stock dividends 8.10 9.80
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(1) Interest portion deemed implicit in total rent expense.