EX-12 6 ex12901.txt EXHIBIT 12 Exhibit 12 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Computation of Ratios Three Months Ended Nine Months Ended September 30 September 30 ------------------ ----------------- 2001 2000 2001 2000 ------ ------ ------ ------ (In millions, except ratios) EARNINGS: Income (loss) from continuing operations before income taxes $(877) $316 $(446) $1,137 Add: fixed charges 45 46 131 133 ----- ----- ----- ----- Income (loss), as adjusted $(832) $362 $(315) $1,270 ===== ===== ===== ===== FIXED CHARGES AND PREFERRED DIVIDENDS: Interest expense and amortization $30 $32 $88 $88 Dividends on preferred capital securities 7 8 21 26 Rental expense (1) 8 6 22 19 ----- ----- ----- ----- Total fixed charges 45 46 131 133 Preferred stock dividend requirements 4 4 10 11 ----- ----- ----- ----- Total fixed charges and preferred stock dividend requirements $ 49 $50 $141 $144 ===== ===== ===== ===== Ratio of earnings to fixed charges (2) - 7.83 - 9.57 ===== ===== ===== ===== Ratio of earnings to combined fixed charges and preferred stock dividend requirements (2) - 7.25 - 8.83 ===== ===== ===== ===== (1) Interest portion deemed implicit in total rent expense. (2) The third quarter 2001 loss is inadequate to cover "fixed charges" by $877 million and "combined fixed charges and preferred stock dividends" by $881 million. The year to date 2001 loss is inadequate to cover "fixed charges" by $446 million and "combined fixed charges and preferred stock dividends" by $456 million.