EX-12 10 b412207ex12.htm EXHIBIT 12 Prepared and filed by St Ives Burrups
 
Exhibit 12
 
PXRE GROUP LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
 
 
 
Year Ended December 31,
 
 
 
 
($000’s except ratios)
 
2005
 
2004
 
2003
 
2002
 
2001
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(691,651
)
$
22,846
 
$
96,648
 
$
64,545
 
$
(17,967
)
Income taxes
 
 
(5,907
)
 
(6,474
)
 
841
 
 
17,829
 
 
(4,532
)
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(697,558
)
$
16,372
 
$
97,489
 
$
82,374
 
$
(22,499
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
14,452
 
$
14,389
 
$
13,034
 
$
11,585
 
$
13,301
 
Appropriated portion (1/3) of rentals
 
 
628
 
 
742
 
 
997
 
 
1,205
 
 
873
 
Interest expense on premiums withheld under ceded reinsurance contracts
 
 
5,080
 
 
7,985
 
 
9,078
 
 
9,846
 
 
—
 
 
 
 
 
 
 
 
Total fixed charges
 
$
20,160
 
$
23,116
 
$
23,109
 
$
22,636
 
$
14,174
 
Earnings (loss) before income taxes and fixed charges
 
$
(677,398
)
$
39,488
 
$
120,598
 
$
105,010
 
$
(8,325
)
 
 
 
 
 
 
 
Preferred dividend requirements
 
$
7,040
 
$
14,018
 
$
13,113
 
$
9,077
 
$
—
 
 
 
 
 
 
 
 
Ratio of pre-tax income to net income
 
 
1.01
 
 
0.72
 
 
1.01
 
 
1.28
 
 
1.25
 
Preferred dividend factor
 
$
7,040
 
$
14,018
 
$
13,227
 
$
11,584
 
$
—
 
Total fixed charges
 
 
20,160
 
 
23,116
 
 
23,109
 
 
22,636
 
 
14,174
 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
 
$
27,200
 
$
37,134
 
$
36,336
 
$
34,220
 
$
14,174
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
(33.60
)
 
1.71
 
 
5.22
 
 
4.64
 
 
(0.59
)
Ratio of earnings to combined fixed charges and preferred dividends
 
 
(24.90
)
 
1.06
 
 
3.32
 
 
3.07
 
 
(0.59
)
Deficiency in ratio
 
 
(697,558
)
 
 
 
 
 
 
 
 
 
 
22,499
 
Deficiency in combined ratio
 
 
(704,598
)
 
 
 
 
 
 
 
 
 
 
22,499