Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PROASSURANCE CORP | d629797d8k.htm |
| EX-5.1 - EX-5.1 - PROASSURANCE CORP | d629797dex51.htm |
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the computation of our consolidated ratio of earnings to fixed charges for the years ended 2012, 2011, 2010, 2009, and 2008 and for the nine months ended September 30, 2013.
| Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
| Earnings: |
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| Income |
$ | 226,658 | $ | 275,470 | $ | 287,096 | $ | 231,598 | $ | 222,026 | $ | 177,725 | ||||||||||||
| Add: Income taxes |
60,044 | 120,496 | 127,502 | 101,079 | 96,736 | 70,661 | ||||||||||||||||||
| Add: Fixed charges |
1,860 | 2,842 | 4,179 | 3,824 | 4,105 | 7,820 | ||||||||||||||||||
| Less: Undistributed earnings of unconsolidated subsidiaries |
(3,500 | ) | (6,873 | ) | (9,147 | ) | 1,245 | 1,438 | (7,997 | ) | ||||||||||||||
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| Earnings, (A) |
$ | 292,062 | $ | 405,681 | $ | 427,924 | $ | 335,256 | $ | 321,429 | $ | 264,203 | ||||||||||||
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| Fixed Charges: |
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| Interest expense |
$ | 844 | $ | 1,832 | $ | 2,943 | $ | 2,785 | $ | 2,953 | $ | 6,201 | ||||||||||||
| Amortization of debt discounts and capitalized debt costs |
241 | 170 | 187 | 25 | 150 | 691 | ||||||||||||||||||
| Estimated interest component (33%) of rental expense |
775 | 840 | 1,049 | 1,014 | 1,003 | 928 | ||||||||||||||||||
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| Fixed Charges (B) |
$ | 1,860 | $ | 2,842 | $ | 4,179 | $ | 3,824 | $ | 4,105 | $ | 7,820 | ||||||||||||
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| Ratio of Earnings to Fixed Charges ((A) divided by (B)): |
157.02x | 142.74x | 102.40x | 87.67x | 78.30x | 33.79x | ||||||||||||||||||