Liberty Financial Companies, Inc. Exhibit 12 - Statement re Computation of Ratios ($ in millions) Three Months Ended March 31 ------------------------ 2000 1999 ---------- ---------- Earnings: Pretax income $47.4 $44.0 Add fixed charges: Interest on indebtedness 9.8 8.8 Portion of rent representing the interest factor 1.2 1.2 Accretion to face value of redeemable convertible preferred stock 0.2 0.2 ---------- ---------- Sub-total of income as adjusted 58.6 54.2 Interest on fixed annuities and financial products 127.3 134.8 ---------- ---------- Total income as adjusted $185.9 $189.0 ========== ========== Fixed charges: Interest on indebtedness $9.8 $8.8 Portion of rent representing the interest factor 1.2 1.2 Accretion to face value of redeemable convertible preferred stock 0.2 0.2 ---------- ---------- Sub-total of fixed charges 11.2 10.2 Interest on fixed annuities and financial products 127.3 134.8 ---------- ---------- Combined fixed charges 138.5 145.0 Preferred stock dividends 0.3 0.3 ---------- ---------- Fixed charges and preferred stock dividends $138.8 $145.3 ========== ========== Ratio of earnings to fixed charges: Excluding interest on fixed annuities and financial products 5.23 x 5.31 x ========== ========== Including interest on fixed annuities and financial products 1.34 x 1.30 x ========== ========== Ratio of earnings to combined fixed charges and preferred stock dividends: Excluding interest on fixed annuities and financial products 5.10 x 5.16 x ========== ========== Including interest on fixed annuities and financial products 1.34 x 1.30 x ========== ==========