EX-12.1 6 u45359a1exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Ratio of earnings to fixed charges The ratio of earnings to fixed charges is calculated by dividing earnings by fixed charges. Fixed charges consist of interest expense and the interest portion of rental expense.
Three months Nine Months ended ended Sept. 30, Sept. 30, Year ended December 31, --------------- ----------------- ---------------------------------- 2002 2001 2002 2001 2001 2000 1999 1998 ---- ---- ---- ---- ---- ---- ---- ---- (Loss) income before taxes (41.3) (359.4) 1.1 (416.6) (537.3) (48.8) 98.4 178.3 Fixed charges: Interest expense 3.4 4.3 11.4 16.6 24.2 17.1 17.5 16.1 Interest portion (33%) of rental expense 1.5 0.9 3.3 2.7 3.6 3.4 2.5 2.5 ----- ----- ---- ----- ----- ----- ---- ---- (Loss) income before taxes plus fixed charges (36.4) (354.2) 15.8 (397.3) (509.5) (28.3) 118.4 196.9 ===== ====== ==== ====== ====== ===== ===== ===== Fixed charges: Interest expense 3.4 4.3 11.4 16.6 24.2 17.1 17.5 16.1 Interest portion (33%) of rental expense 1.5 0.9 3.3 2.7 3.6 3.4 2.5 2.5 ----- ----- ---- ----- ----- ----- ---- ---- 4.9 5.2 14.7 19.3 27.8 20.5 20.0 18.6 ===== ====== ==== ====== ====== ===== ===== ===== Ratio of earnings to fixed charges (a) (b) 1.1 (c) (d) (e) 5.9 10.6
(a) The ratio coverage is less than 1:1. Converium would need to generate additional earnings of $41.3 million to achieve a coverage ratio of 1:1. (b) The ratio coverage is less than 1:1. Converium would need to generate additional earnings of $359.4 million to achieve a coverage ratio of 1:1. (c) The ratio coverage is less than 1:1. Converium would need to generate additional earnings of $416.6 million to achieve a coverage ratio of 1:1. (d) The ratio coverage is less than 1:1. Converium would need to generate additional earnings of $537.3 million to achieve a coverage ratio of 1:1. (e) The ratio coverage is less than 1:1. Converium would need to generate additional earnings of $48.8 million to achieve a coverage ratio of 1:1.