EX-12 4 l02852aexv12.txt EX-12 COMPUTATION RATIO OF EARNINGS EXHIBIT 12 THE MIDLAND COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND FIXED CHARGES (AMOUNTS IN 000'S)
SIX MONTHS ENDED JUNE 30, --------------------- 2003 2002 2002 2001 2000 1999 1998 --------------------------------------------------------------------------- PreTax $11,163 $20,586 $25,741 $36,704 $50,669 $43,713 $37,527 Fixed Charges: Interest expense 1,821 1,853 3,849 4,368 4,132 4,067 4,991 One-third of rentals 884 1,011 1,946 2,196 2,406 2,189 1,832 Capitalized interest 8 8 17 17 17 17 17 --------------------------------------------------------------------------- Earnings $13,876 $23,458 $31,553 $43,285 $57,224 $49,986 $44,367 =========================================================================== Fixed Charges: Interest expense $ 1,821 $ 1,853 $ 3,849 $ 4,368 $ 4,132 $ 4,067 $ 4,991 One-third of rentals 884 1,011 1,946 2,196 2,406 2,189 1,832 Capitalized interest 8 8 17 17 17 17 17 --------------------------------------------------------------------------- Fixed Charges $ 2,703 $ 2,872 $ 5,812 $ 6,581 $ 6,555 $ 6,273 $ 6,840 =========================================================================== Ratio of Earnings to Fixed Charges 5.11 8.17 5.43 6.58 8.73 7.97 6.49 ===========================================================================