1
EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
MERCURY GENERAL CORPORATION
Three Months
Ended Year Ended December 31
March 31, ----------------------------------------------------
2001 2000 1999 1998 1997 1996
------------ -------- -------- -------- -------- --------
(Amounts in millions, except ratios)
EARNINGS
Income Before Income Taxes $ 28,597 $128,555 $168,539 $235,280 $209,779 $136,590
Fixed Charges 2,494 9,789 7,354 6,695 6,656 3,474
-------- -------- -------- -------- -------- --------
Adjusted Earnings $ 31,091 $138,344 $175,893 $241,975 $216,435 $140,064
======== ======== ======== ======== ======== ========
FIXED CHARGES
Interest Expense $ 1,863 $ 7,292 $ 4,960 $ 4,842 $ 4,976 $ 2,004
Portion of Rents Deemed Representative
Of Interest Factor (1) 631 2,497 2,394 1,853 1,680 1,470
-------- -------- -------- -------- -------- --------
Total Fixed Charges $ 2,494 $ 9,789 $ 7,354 $ 6,695 $ 6,656 $ 3,474
======== ======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 12.5 14.1 23.9 36.1 32.5 40.3
======== ======== ======== ======== ======== ========
(1) Generally deemed to be one-third of rental expense.