EX-12 19 l05942aexv12.txt EX-12 COMPUTATION: RATIO OF EARNINGS: FIXED CHARGE . . . Exhibit No. 12 THE PROGRESSIVE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (millions) (unaudited)
Years Ended December 31, --------------------------------------------------------- 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- Income before income taxes $ 1,859.7 $ 981.4 $ 587.6 $ 31.8 $ 412.2 --------- --------- --------- --------- --------- Fixed Charges: Interest and amortization on indebtedness 97.0 75.1 53.4 81.1 79.8 Portion of rents representative of the interest factor 7.5 5.6 7.4 8.0 6.8 --------- --------- --------- --------- --------- Total fixed charges 104.5 80.7 60.8 89.1 86.6 --------- --------- --------- --------- --------- Total income available for fixed charges(1) $ 1,963.0 $ 1,062.0 $ 647.7 $ 118.0 $ 495.6 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 18.8 13.2 10.7 1.3 5.7 ========= ========= ========= ========= =========
(1) Excludes interest capitalized, net of amortized interest, of $1.2 million, $.1 million, $.7 million, $2.9 million, and $3.2 million for the years ended December 31, 2003, 2002, 2001, 2000 and 1999, respectively.