EX-12 3 l13349aexv12.htm EX-12 COMPUTATION OF EARNINGS EX-12 Computation of Earnings
 

Exhibit No. 12

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

                 
    Three Months Ended  
    March 31,  
    2005     2004  
Income before income taxes
   $ 614.7     $ 678.7  
 
            
Fixed Charges:
                
Interest and amortization on indebtedness
     21.0       21.6  
Portion of rents representative of the interest factor
     2.8       2.0  
 
            
Total fixed charges
     23.8       23.6  
 
            
Interest capitalized, net of amortized interest
     —       (1.0 )
 
            
Total income available for fixed charges
   $ 638.5     $ 701.3  
 
            
Ratio of earnings to fixed charges
     26.8       29.7