EX-12 4 pnx81483ex12.htm COMPUTATION OF RATIO OF EARNINGS STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12


STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

($ amounts in millions)

 

 

 

 

 

Three Months Ended March 31, 2007 and 2006

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and minority interest

$

72.2 

 

$

(1.1)

 

 

 

 

 

 

Less:

Equity in earnings (losses) of venture capital partnership investments

 

(0.5)

 

 

(0.7)

 

 

 

 

 

 

Add:

Distributed earnings of affiliates

 

— 

 

 

— 

Distributed earnings of venture capital partnership investments

 

0.1 

 

 

0.9 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes, minority interest and

 

 

 

 

 

  equity in undistributed earnings of affiliates and venture capital

 

 

 

 

 

  partnership investments

$

72.8 

 

$

0.5 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

  Interest expense on indebtedness (1)

$

9.5 

 

$

12.4 

  Stock purchase contract adjustment payments

 

— 

 

 

— 

  Rental expense

 

0.3 

 

 

0.1 

Fixed charges, exclusive of interest credited on policyholder contract balances

$

9.8 

 

$

12.5 

  Interest credited on policyholder contract balances

 

39.7 

 

 

45.5 

Total fixed charges, inclusive of interest credited on policyholder contract balances

$

49.5 

 

$

58.0 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes, minority interest,

 

 

 

 

 

  equity in undistributed earnings of affiliates and venture capital

 

 

 

 

 

  partnership investments and fixed charges

$

122.3 

 

$

58.5 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.5 

 

 

1.0 

 

 

 

 

 

 

Additional earnings required to achieve 1:1 ratio coverage

$

— 

 

$

— 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL RATIO(2) — ratio of earnings to fixed charges

 

 

 

 

 

exclusive of interest credited on policyholder contract balances:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes, minority interest and

 

 

 

 

 

  equity in undistributed earnings of affiliates and venture capital

 

 

 

 

 

  partnership investments

$

72.8 

 

$

0.5 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

  Total fixed charges, as above

$

9.8 

 

$

12.5 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes, minority interest and

 

 

 

 

 

  equity in undistributed earnings of affiliates and venture capital partnership

 

 

 

 

 

  investments and fixed charges

$

82.6 

 

$

13.0 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.4 

 

 

1.0 

 

 

 

 

 

 

Additional earnings required to achieve 1:1 ratio coverage

$

— 

 

$

— 

 

 

 

 

 

 

(1) Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and

    the interest expense is solely funded by assets pledged as collateral consolidated on our balance sheet.

 

(2) 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.