PXRE GROUP LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED
CHARGES AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)
Year ended December 31,
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1999 1998 1997 1996 1995
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Net income $ (42,139) $ 2,679 $ 44,253 $ 33,301 $ 39,786
Equity in earnings of TREX 0 0 0 (3,898) (5,948)
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Income before equity in earnings of TREX (42,139) 2,679 44,253 29,403 33,838
Income taxes (13,149) (1,661) 22,198 15,644 18,189
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$ (55,288) $ 1,018 $ 66,451 $ 45,047 $ 52,027
Fixed charges:
Interest expense 12,705 10,323 11,508 6,957 7,143
Appropriated portion (1/3) of rentals 718 490 378 365 397
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Total fixed charges 13,423 10,813 11,886 7,322 7,540
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Earnings before income taxes and fixed charges $ (41,865) $ 11,831 $ 78,337 $ 52,369 $ 59,567
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Preferred dividend requirements $ 0 $ 0 $ 0 $ 0 $ 599
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Ratio of pre-tax income to net income 1.31 0.38 1.50 1.53 1.54
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Preferred dividend factor $ 0 $ 0 $ 0 $ 0 $ 922
Total fixed charges 13,423 10,813 11,886 7,322 7,540
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Total fixed charges and preferred dividends $ 13,423 $ 10,813 $ 11,886 $ 7,322 $ 8,462
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Ratio of earnings to fixed charges (3.12) 1.09 6.59 7.15 7.90
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Ratio of earnings to combined fixed charges and
preferred dividends (3.12) 1.09 6.59 7.15 7.04
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Deficiency in ratio 55,288
Deficiency in combined ratio 55,288
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