Exhibit 12
Integon Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
(Unaudited)
(In thousands, except ratios)
Year ended December 31,
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1996 1995 1994 1993 1992
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Income from continuing operations $ 170 $ 36,619 $ 22,538 $ 43,286 $ 31,324
Federal income tax (benefit) (2,082) 16,321 9,652 20,234 15,462
Fixed charges deducted from
income from continuing operations:
Interest 15,021 14,510 8,433 6,255 8,086
Portion of rents representative
of interest factor 978 1,372 1,415 857 704
Total fixed charges deducted
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from income 15,999 15,882 9,848 7,112 8,790
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Earnings available for fixed charges
and preferred dividends $ 14,087 $ 68,822 $ 42,038 $ 70,632 $ 55,576
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Fixed charges deducted from income
from continuing operations per above $ 15,999 $ 15,882 $ 9,848 $ 7,112 $ 8,790
Preferred dividends (1) 8,569 8,053 1,260 504
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Fixed charges and preferred dividends $ 24,568 $ 23,935 $ 11,108 $ 7,112 $ 9,294
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Ratio of earnings to fixed charges 0.88 4.33 4.27 9.93 6.32
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Ratio of earnings to combined fixed
charges and preferred stock dividends 0.57 2.88 3.78 9.93 5.98
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(1) Adjusted to an amount equal to the pre-tax earnings necessary to provide the
required dividends.