EX-12.01 5 dex1201.txt COMPUTATION OF RATIO OF EARNINGS Exhibit 12.01 MBIA Inc and Subsidiaries (1) (in thousands except for ratios)
1997 1998 1999 2000 2001 Earnings to Fixed Charges (Interest Coverage) Ratio (unaudited) ---------------------------------------------------- ---------------------------------------------------- Income before taxes $525,252 $565,038 $387,883 $714,857 $790,984 Interest Expense 38,645 44,620 53,935 53,756 56,445 Portion of rentals deemed to be interest(2) 1,549 1,923 1,947 1,437 959 ---------------------------------------------------- Earnings $565,446 $611,581 $443,765 $770,050 $848,388 ==================================================== Interest Expense $38,645 $44,620 $53,935 $53,756 $56,445 Portion of rentals deemed to be interest(2) 1,549 1,923 1,947 1,437 959 ---------------------------------------------------- Fixed Charges $40,194 $46,543 $55,882 $55,193 $57,404 ==================================================== Earnings to Fixed Charges 14.1 13.1 7.9 14.0 14.8 ====================================================
(1) All years have been restated to reflect the merger with CapMAC Holdings and 1838 Investment Advisors. (2) Pertains to a portion of rental expense (33%) of MBIA locations excluding Corporate Headquarters.