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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2000 1999 1998 1997 1996
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Net income $(10,800) $(42,139) $ 2,679 $ 44,253 $ 33,301
Equity in earnings of TREX 0 0 0 0 (3,898)
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Income before equity in earnings of TREX (10,800) (42,139) 2,679 44,253 29,403
Income taxes (12,006) (13,149) (1,661) 22,198 15,644
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$(22,806) $(55,288) $ 1,018 $ 66,451 $ 45,047
Fixed charges:
Interest expense 13,653 12,705 10,323 11,508 6,957
Appropriated portion (1/3) of rentals 953 718 490 378 365
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Total fixed charges 14,606 13,423 10,813 11,886 7,322
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(Loss) earnings before income taxes and fixed charges $ (8,200) $(41,865) $ 11,831 $ 78,337 $ 52,369
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Preferred dividend requirements $ 0 $ 0 $ 0 $ 0 $ 0
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Ratio of pre-tax income to net income 2.11 1.31 0.38 1.50 1.53
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Preferred dividend factor $ 0 $ 0 $ 0 $ 0 $ 0
Total fixed charges 14,606 13,423 10,813 11,886 7,322
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Total fixed charges and preferred dividends $ 14,606 $ 13,423 $ 10,813 $ 11,886 $ 7,322
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Ratio of earnings to fixed charges (0.56) (3.12) 1.09 6.59 7.15
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Ratio of earnings to combined fixed charges and
preferred dividends (0.56) (3.12) 1.09 6.59 7.15
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Deficiency in ratio 22,806 55,288
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Deficiency in combined ratio 22,806 55,288
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