Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - PHOENIX COMPANIES INC/DE | pnx-20150630x10qxexx32.htm |
| EX-31.2 - EXHIBIT 31.2 - PHOENIX COMPANIES INC/DE | pnx-20150630x10qxexx312.htm |
| EX-31.1 - EXHIBIT 31.1 - PHOENIX COMPANIES INC/DE | pnx-20150630x10qxexx311.htm |
| 10-Q - 10-Q - PHOENIX COMPANIES INC/DE | pnx-201506x30x10q.htm |
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS [1] | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Years Ended December 31, | |||||||||||||||||||||||||
($ amounts in millions) | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (34.8 | ) | $ | (109.5 | ) | $ | (195.2 | ) | $ | 38.1 | $ | (153.5 | ) | $ | (5.4 | ) | (34.5 | ) | ||||||||
Less: Equity in earnings (losses) of limited partnership and other investments | 15.1 | 43.6 | 67.9 | 58.0 | 63.6 | 44.6 | 57.4 | ||||||||||||||||||||
Add: Distributed earnings of limited partnership and other investments | 36.0 | 36.0 | 94.2 | 101.1 | 64.4 | 33.1 | 61.3 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in undistributed earnings of limited partnership and other investments | $ | (13.9 | ) | $ | (117.1 | ) | $ | (168.9 | ) | $ | 81.2 | $ | (152.7 | ) | $ | (16.9 | ) | (30.6 | ) | ||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest expense on indebtedness | $ | 7.1 | $ | 14.2 | $ | 28.3 | $ | 28.3 | $ | 30.8 | $ | 31.8 | 31.8 | ||||||||||||||
Interest expense on attributable to rentals | — | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.5 | ||||||||||||||||||||
Total fixed charges [2] | 7.1 | 14.3 | 28.5 | 28.5 | 31.1 | 32.2 | 32.3 | ||||||||||||||||||||
Interest credited on policyholder contract balances | 37.2 | 74.2 | 152.1 | 138.0 | 123.7 | 116.5 | 124.2 | ||||||||||||||||||||
Total fixed charges, including interest credited to policyholders | $ | 44.3 | $ | 88.5 | $ | 180.6 | $ | 166.5 | $ | 154.8 | $ | 148.7 | 156.5 | ||||||||||||||
Income (loss) from continuing operations before income taxes, equity in undistributed earnings of limited partnership and other investments and fixed charges | $ | 30.4 | $ | (28.6 | ) | $ | 11.7 | $ | 247.7 | $ | 2.1 | $ | 131.8 | $ | 125.9 | ||||||||||||
Ratio of earnings to fixed charges an preferred stock dividends | 0.7 | (0.3 | ) | 0.1 | 1.5 | — | 0.9 | 0.8 | |||||||||||||||||||
Additional earnings required to achieve 1:1 ratio coverage | $ | 13.9 | $ | 117.1 | $ | 168.9 | $ | — | $ | 152.7 | $ | 16.9 | $ | 30.6 | |||||||||||||
SUPPLEMENTAL RATIO [3] --- Ratio of earnings to fixed charges and preferred stock dividends exclusive of interest credited on policyholder contract balances: | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in undistributed earnings of limited partnership and other investments | $ | (13.9 | ) | $ | (117.1 | ) | $ | (168.9 | ) | $ | 81.2 | $ | (152.7 | ) | $ | (16.9 | ) | $ | (30.6 | ) | |||||||
Fixed Charges: | |||||||||||||||||||||||||||
Total fixed charges, as above | $ | 7.1 | $ | 14.3 | $ | 28.5 | $ | 28.5 | $ | 31.1 | $ | 32.2 | $ | 32.3 | |||||||||||||
Income (loss) from continuing operations before income taxes, equity in undistributed earnings of limited partnership and other investments and fixed charges | $ | (6.8 | ) | $ | (102.8 | ) | $ | (140.4 | ) | $ | 109.7 | $ | (121.6 | ) | $ | 15.3 | $ | 1.7 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends | (1.0 | ) | (7.2 | ) | (4.9 | ) | 3.8 | (3.9 | ) | 0.5 | 0.1 | ||||||||||||||||
Additional earnings required to achieve 1:1 ratio coverage | $ | 13.9 | $ | 117.1 | $ | 168.9 | $ | — | $ | 152.7 | $ | 16.9 | $ | 30.6 | |||||||||||||
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[1] | We had no dividends on preferred stock for the years 2009 to 2013. |
[2] | Total fixed charges consist of interest expense on indebtedness and an interest factor attributable to rentals. The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents. |
[3] | This ratio is disclosed for the convenience of investors and may be more comparable to the ratios disclosed by other issuers of fixed income securities. |