EX-12 2 l10016aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12
 

Exhibit No. 12

THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)

                 
    Nine Months Ended
    September 30,
    2004
   2003
Income before income taxes
   $ 1,833.1     $ 1,333.2  
 
    
 		      
 		  
Fixed Charges:
                
Interest and amortization on indebtedness
     63.6       72.7  
Portion of rents representative of the interest factor
     6.6       5.5  
 
    
 		      
 		  
Total fixed charges
     70.2       78.2  
 
    
 		      
 		  
Total income available for fixed charges1
   $ 1,900.2     $ 1,410.7  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     27.1       18.0  
 
    
 		      
 		  

1 Excludes interest capitalized, net of amortized interest, of $3.1 million and $.7 million for the nine months ended September 30, 2004 and 2003, respectively.