EX-12.1 3 d25096_ex12-1.txt COMPUTATION OF RATIOS EXHIBIT 12.1 CNA FINANCIAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 2000 1999 1998 1997 1996 ------- ------- ------- ------- ------- (In millions, except ratios) Income (loss) before income tax, net of minority interest $ 1,782 $ (41) $ 329 $ 1,358 $ 1,345 Adjustments: Interest expense 206 202 219 198 200 Interest element of operating lease rental 32 35 47 34 32 ------- ------- ------- ------- ------- Earnings before fixed charges $ 2,020 $ 196 $ 595 $ 1,590 $ 1,577 ======= ======= ======= ======= ======= Fixed charges: Interest expense $ 206 $ 202 $ 219 $ 198 $ 200 Interest element of operating lease rental 32 35 47 34 32 ------- ------- ------- ------- ------- Total fixed charges $ 238 $ 237 $ 266 $ 232 $ 232 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges (1) 8.5 0.8 2.2 6.8 6.8 ======= ======= ======= ======= =======
(1) For purposes of computing this ratio, earnings consist of income before income taxes plus fixed charges of consolidated companies. Fixed charges consist of interest and that portion of operating lease rental expense which is deemed to be an interest factor for such rentals.