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EXHIBIT 12.1
PHILADELPHIA CONSOLIDATED HOLDING CORP. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
UNAUDITED
(DOLLARS IN THOUSANDS)
AS OF AND FOR THE YEARS ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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Fixed Charges:
Interest Expense........................... $ -- $ -- $ -- $ -- $ 459
Interest Component of Non-Capitalized Lease
Rental Expense(1)........................ 306 246 63 41 35
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Total Fixed Charges........................ $ 306 $ 246 $ 63 $ 41 $ 494
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Earnings as Defined:
Income Before Income Taxes................. $22,208 $16,788 $12,288 $7,707 $5,596
Fixed Charges.............................. 306 246 63 41 494
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Earnings as Defined........................ $22,514 $17,034 $12,351 $7,748 $6,090
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Ratio of Earnings to Fixed Charges......... 73.6x 69.2x 196.0x 189.0x 12.3x
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(1) One-third of operating lease rental expense which approximates an interest
component of non-capitalized leases.