EXHIBIT 12.01

MBIA Inc and Subsidiaries ⁽¹⁾

(in thousands except for ratios)

	By Quarter
Earnings to Fixed Charges (Interest Coverage) Ratio	1Q 2001			2Q 2001			3Q 2001			4Q 2001			1Q 2002			2Q 2002			3Q 2002			4Q 2002			1Q 2003			2Q 2003			3Q 2003
Income before taxes	$	174,586		$	369,085		$	580,572		$	790,984		$	217,222		$	410,607		$	630,766		$	792,581		$	313,220		$	617,899		$	888,277
Interest Expense		15,743			29,894			44,217			56,445			12,834			25,790			40,931			58,453			16,949			33,881			50,864
Portion of rentals deemed to be interest (3)		218			481			699			959			155			531			967			1,089			323			666			781
Earnings	$	190,547		$	399,460		$	625,488		$	848,388		$	230,211		$	436,928		$	672,664		$	852,123		$	330,492		$	652,446		$	939,922
Interest Expense	$	15,743		$	29,894		$	44,217		$	56,445		$	12,834		$	25,790		$	40,931		$	58,453		$	16,949		$	33,881		$	50,864
Portion of rentals deemed to be interest (3)		218			481			699			959			155			531			967			1,089			323			666			781
Fixed Charges	$	15,961		$	30,375		$	44,916		$	57,404		$	12,989		$	26,321		$	41,898		$	59,542		$	17,272		$	34,547		$	51,645
Earnings to Fixed Charges (higher is better)		11.9			13.2			13.9			14.8			17.7			16.6			16.1			14.3			19.1			18.9			18.2
Debt to Equity Ratio	1Q 2001			2Q 2001			3Q 2001			4Q 2001			1Q 2002			2Q 2002			3Q 2002			4Q 2002			1Q 2003			2Q 2003			3Q 2003
Long Term Debt		802,673			795,295			812,996			805,062			804,386			816,185			1,115,259			1,033,070			1,035,690			1,032,883			1,013,255
Shareholders Equity		4,404,257			4,461,836			4,758,953			4,782,638			4,790,959			5,085,973			5,491,538			5,493,351			5,664,563			6,072,662			6,086,180
Total Capital		5,206,930			5,257,131			5,571,949			5,587,700			5,595,345			5,902,158			6,606,797			6,526,421			6,700,253			7,105,545			7,099,435
Long-Term Debt to Total Capital (lower is better)		15.4	%		15.1	%		14.6	%		14.4	%		14.4	%		13.8	%		16.9	%		15.8	%		15.5	%		14.5	%		14.3	%
Debt to Equity Ratio										4Q 2001			1Q 2002			2Q 2002			3Q 2002			4Q 2002			1Q 2003			2Q 2003			3Q 2003
Long Term Debt											805,062			804,386			816,185			1,115,259			1,033,070			1,035,690			1,032,883			1,013,255
Shareholders Equity											4,782,638			4,790,959			5,085,973			5,491,538			5,493,351			5,664,563			6,072,662			6,086,180
FAS 115 and 133											(169,454	)		(89,378	)		(284,086	)		(620,424	)		(547,016	)		(550,893	)		(748,821	)		(584,070	)
Total Capital											5,418,246			5,505,967			5,618,072			5,986,373			5,979,405			6,149,360			6,356,724			6,515,365
Long-Term Debt to Total Capital (excludes FAS 115 and 133) (lower is better)											14.9	%		14.6	%		14.5	%		18.6	%		17.3	%		16.8	%		16.2	%		15.6	%

⁽¹⁾ All years have been restated to reflect the merger with CapMAC Holdings and 1838 Investment Advisors.

⁽²⁾ Excludes the loss reserve strengthening ($152.7 million pre-tax and $99.3 million after-tax) and the write off of Capital Asset ($105.0 pre-tax and $70.3 million after-tax).

⁽³⁾ MBIA uses what is known as the one-third methodology to determine the amount of interest implict in rental payments that should be included in fixed charges. The SEC stated in Accounting Series Release 155 that although they prefer “reliable estimates of the portion of rentals that represent interest” they will not disallow the one-third methodology if it represents a reasonable approximation of the interest portion of the rentals.