EXHIBIT 12.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES
Year Ended December 31,
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1998 1997 1996 1995 1994
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(Dollars in Thousands)
Income from continuing operations before
income taxes $ 266,948 $ 242,867 $ 222,106 $ 180,541 $ 138,551
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Fixed Charges:
Rentals-- at computed interest* 2,959 $ 2,549 $ 2,459 $ 2,046 $ 1,584
Interest expense 7,029 6,766 907 - -
Distributions on redeemable
capital securities 8,311 7,617 - - -
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Total fixed charges $ 18,299 $ 16,932 $ 3,366 $ 2,046 $ 1,584
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Profit before taxes plus fixed charges $ 285,247 $ 259,799 $ 225,472 $ 182,587 $ 140,135
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Ratio of adjusted profit to fixed charges 15.6 x 15.3 x 67.0 x 89.2 x 88.5
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* Those portions of rent expense that are representative of interest cost