Attached files
| file | filename |
|---|---|
| EX-31 - RULE 13A-14(A) CERTIFICATIONS - RADIAN GROUP INC | rdn-ex31_20150630.htm |
| EX-32 - SECTION 1350 CERTIFICATIONS - RADIAN GROUP INC | rdn-ex32_20150630.htm |
| EX-10.1 - ACCELERATED SHARE REPURCHASE AGREEMENT - RADIAN GROUP INC | rdn-ex101_20150630.htm |
| 10-Q - 10-Q - RADIAN GROUP INC | rdn10q06302015.htm |
Exhibit 12
Radian Group Inc.
Ratio of Earnings to Fixed Charges
Six Months Ended | Fiscal Years Ended December 31, | ||||||||||||||||||||||
(In thousands) | June 30, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Net earnings (loss) from continuing operations | $ | 136,920 | $ | 1,259,574 | $ | (141,851 | ) | $ | (224,105 | ) | $ | (446,790 | ) | $ | (1,418,111 | ) | |||||||
Federal and state income tax provision (benefit) | 80,514 | (852,418 | ) | (31,495 | ) | (48,323 | ) | (138,238 | ) | 481,899 | |||||||||||||
Earnings (loss) before income taxes | 217,434 | 407,156 | (173,346 | ) | (272,428 | ) | (585,028 | ) | (936,212 | ) | |||||||||||||
Equity in net income of affiliates | — | — | — | — | — | (14,598 | ) | ||||||||||||||||
Distributed income from equity investees | — | — | — | — | — | 29,498 | |||||||||||||||||
Net earnings (loss) | 217,434 | 407,156 | (173,346 | ) | (272,428 | ) | (585,028 | ) | (921,312 | ) | |||||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest | 48,886 | 90,464 | 74,618 | 51,832 | 61,394 | 41,777 | |||||||||||||||||
One-Third of all rentals | 762 | 1,308 | 1,020 | 1,269 | 1,060 | 966 | |||||||||||||||||
Fixed charges | 49,648 | 91,772 | 75,638 | 53,101 | 62,454 | 42,743 | |||||||||||||||||
Preferred dividends | — | — | — | — | — | — | |||||||||||||||||
Fixed charges and preferred dividends | 49,648 | 91,772 | 75,638 | 53,101 | 62,454 | 42,743 | |||||||||||||||||
Net earnings (loss) and fixed charges | $ | 267,082 | $ | 498,928 | $ | (97,708 | ) | $ | (219,327 | ) | $ | (522,574 | ) | $ | (878,569 | ) | |||||||
Net earnings (loss), fixed charges and preferred dividends | $ | 267,082 | $ | 498,928 | $ | (97,708 | ) | $ | (219,327 | ) | $ | (522,574 | ) | $ | (878,569 | ) | |||||||
Ratio of net earnings (loss) and fixed charges to fixed charges | 5.4x | 5.4x | (1) | (1) | (1) | (1) | |||||||||||||||||
Ratio of net earnings (loss), fixed charges and preferred stock dividends to fixed charges and preferred stock dividends (2) | 5.4x | 5.4x | (1) | (1) | (1) | (1) | |||||||||||||||||
____________________
(1) | For the fiscal years ended December 31, 2013, 2012, 2011 and 2010, earnings were not adequate to cover fixed charges in the amounts of $(97,708), $(219,327), $(522,574) and $(878,569), respectively. |
(2) | Interest on tax accruals that are non-third party indebtedness are excluded from the calculations. |