EX-12.1 6 g85376exv12w1.txt EX-12.1 STATEMENT RE: RATIO OF EARNINGS EXHIBIT 12.1 PROASSURANCE CORPORATION AND SUBSIDIARIES EARNINGS TO FIXED CHARGE RATIO HISTORICAL RATIO FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND THE YEARS ENDED DECEMBER 31, 1998 THROUGH 2002 PRO FORMA RATIO FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND THE YEAR ENDED DECEMBER 31, 2002 (in thousands)
PRO FORMA RATIOS HISTORICAL RATIOS --------------------- ----------------------------------------------------------------- SIX SIX MONTHS YEAR MONTHS YEAR ENDED ENDED ENDED ENDED ------------------------------------------------------- 6/30/2003 12/31/2002 6/30/03 2002 2001 2000 1999 1998 --------- ---------- -------- -------- -------- -------- -------- -------- DENOMINATOR--FIXED CHARGES: Interest expense, including amortization of capitalized expenses related to debt $ 2,280 $ 4,561 $ 1,069 $ 2,875 $ 2,591 $ -- $ -- $ -- Interest within rental expense 670 1,423 670 1,423 911 281 332 237 --------- ---------- -------- -------- -------- -------- -------- -------- Fixed Charges $ 2,950 $ 5,984 $ 1,739 $ 4,298 $ 3,502 $ 281 $ 332 $ 237 ========= ========== ======== ======== ======== ======== ======== ======== NUMERATOR--EARNINGS, AS ADJUSTED: Income before taxes, minority interest, and cumulative effect $ 17,951 $ 11,924 $ 19,162 $ 13,610 $ 10,969 $ 28,300 $ 63,160 $ 66,202 Fixed charges $ 2,950 $ 5,984 1,739 4,298 3,502 281 332 237 Other required adjustments 69 12 69 12 (312) (218) (18) (181) --------- ---------- -------- -------- -------- -------- -------- -------- Earnings as defined in Item 503 of Reg. S-K $ 20,970 $ 17,920 $ 20,970 $ 17,920 $ 14,159 $ 28,363 $ 63,474 $ 66,258 ========= ========== ======== ======== ======== ======== ======== ======== EARNINGS TO FIXED CHARGES RATIO 7.11 2.99 12.06 4.17 4.04 100.94 191.19 279.57 ========= ========== ======== ======== ======== ======== ======== ========