EX-12.1 4 ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 The Navigators Group, Inc. Computation of Ratio of Earnings to Fixed Charges
Three Months Ended Year Ended December 31 March 31, ------------------------------------------------------------------------ 2006 2005 2004 2003 2002 2001 ----------- ----------- ----------- ----------- ----------- ----------- Income before income taxes $ 23,090 $ 33,754 $ 52,092 $ 2,792 $ 22,216 $ 5,360 Add: Portion of rents representative of the interest factor 297 1,032 947 885 595 542 Interest expense - - - 255 571 1,376 Letter of credit charges 246 982 1,036 742 642 678 Amortization of deferred bank fees 39 262 142 394 196 151 -------- -------- -------- ------- -------- ------- Income as adjusted $ 23,671 $ 36,029 $ 54,217 $ 5,068 $ 24,220 $ 8,107 ======== ======== ======== ======= ======== ======= Fixed charges: Portion of rents representative of the interest factor $ 297 $ 1,032 $ 947 $ 885 $ 595 $ 542 Interest expense - - - 255 571 1,376 Letter of credit charges 246 982 1,036 742 642 678 Amortization of deferred bank fees 39 262 142 394 196 151 -------- -------- -------- ------- -------- ------- Total $ 582 $ 2,276 $2,125 $ 2,276 $ 2,004 $ 2,747 ======== ======== ======== ======= ======== ======= Ratio of earnings to fixed charges 40.7x 15.8x 25.5x 2.2x 12.1x 3.0x ======== ======== ======== ======= ======== =======