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SAFECO CORPORATION AND SUBSIDIARIES F-14
Computation of Ratio of Earnings to Fixed Charges Exhibit 12
Year Ended December 31
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(In Millions, except ratios)
SAFECO CORPORATION AND SUBSIDIARIES
(Ratio of Earnings to Fixed Charges
Excluding Distributions on Capital Securities)
1999 1998 1997 1996 1995
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Earnings:
Income Before Income Taxes and
Distributions on Capital Securities $ 332.3 $ 462.8 $ 572.6 $ 578.5 $ 513.8
Total Fixed Charges Below 150.4 168.1 109.3 76.3 89.7
Less Interest Capitalized -- (0.5) (2.0) (0.1) (0.3)
Less Undistributed Loss from
Unconsolidated Subsidiary -- -- -- 0.9 1.0
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Total Earnings $ 482.7 $ 630.4 $ 679.9 $ 655.6 $ 604.2
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Fixed Charges:
Interest $ 141.0 $ 159.5 $ 101.8 $ 72.4 $ 85.4
Interest Capitalized -- 0.5 2.0 0.1 0.3
Interest Portion of Rental Expense 8.3 6.7 4.8 3.3 3.2
Amortization of Deferred Debt Expense 1.1 1.4 0.7 0.5 0.8
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Total Fixed Charges $ 150.4 $ 168.1 $ 109.3 $ 76.3 $ 89.7
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Ratio of Earnings to Fixed Charges
Excluding Distributions on Capital Securities 3.2 3.8 6.2 8.6 6.7
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SAFECO CORPORATION AND SUBSIDIARIES
(Ratio of Earnings to Fixed Charges
and Distributions on Capital Securities)
1999 1998 1997 1996 1995
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Earnings:
Income Before Income Taxes $ 263.3 $ 393.7 $ 549.8 $ 578.5 $ 513.8
Total Fixed Charges Below 219.4 237.2 132.1 76.3 89.7
Less Interest Capitalized -- (0.5) (2.0) (0.1) (0.3)
Less Undistributed Loss from
Unconsolidated Subsidiary -- -- -- 0.9 1.0
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Total Earnings $ 482.7 $ 630.4 $ 679.9 $ 655.6 $ 604.2
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Fixed Charges:
Interest $ 141.0 $ 159.5 $ 101.8 $ 72.4 $ 85.4
Distributions on Capital Securities 69.0 69.1 22.8 -- --
Interest Capitalized -- 0.5 2.0 0.1 0.3
Interest Portion of Rental Expense 8.3 6.7 4.8 3.3 3.2
Amortization of Deferred Debt Expense 1.1 1.4 0.7 0.5 0.8
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Total Fixed Charges $ 219.4 $ 237.2 $ 132.1 $ 76.3 $ 89.7
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Ratio of Earnings to Fixed Charges
and Distributions on Capital Securities 2.2 2.7 5.1 8.6 6.7
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SAFECO CREDIT
1999 1998 1997 1996 1995
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Earnings:
Income Before Income Taxes $ 22.6 $ 22.7 $ 21.5 $ 19.1 $ 13.3
Total Fixed Charges Below 74.7 67.1 56.4 47.5 41.9
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Total Earnings $ 97.3 $ 89.8 $ 77.9 $ 66.6 $ 55.2
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Fixed Charges:
Interest $ 74.6 $ 67.0 $ 56.3 $ 47.4 $ 41.8
Interest Portion of Rental Expense 0.1 0.1 0.1 0.1 0.1
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Total Fixed Charges $ 74.7 $ 67.1 $ 56.4 $ 47.5 $ 41.9
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Ratio of Earnings to Fixed Charges 1.3 1.3 1.4 1.4 1.3
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