EX-12.1 6 ex12-1.txt EXHIBIT 12.1
Exhibit 12.1 THE NAVIGATORS GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six months ended Year Ended December 31, June 30, -------------------------------------------------------- 2005 2004 2003 2002 2001 2000 ---- ---- ---- ---- ---- ---- ($ in thousands, except ratios) Income before income taxes $30,937 $52,092 $ 2,792 $22,216 $ 5,360 $10,338 Add: Portion of rents representative of the interest 576 947 885 595 542 529 factor Interest expense - - 255 571 1,376 1,781 Letter of credit charges 632 1,036 742 642 678 509 Amortization of deferred bank fees 136 142 394 196 151 113 ------------------------------------------------------------------------- Income as adjusted $32,281 $54,217 $ 5,068 $24,220 $ 8,107 $13,270 ========================================================================= Fixed charges: Portion of rents representative of the interest $576 $947 $885 $595 $542 $529 factor Interest expense - - 255 571 1,376 1,781 Letter of credit charges 632 1,036 742 642 678 509 Amortization of deferred bank fees 136 142 394 196 151 113 ------------------------------------------------------------------------- Total $ 1,344 $ 2,125 $ 2,276 $ 2,004 $ 2,747 $ 2,932 ========================================================================= Ratio of earnings to fixed charges 24.0x 25.5x 2.2x 12.1x 3.0x 4.5x =========================================================================