EX-12 5 ex12102.txt COMPUTATION OF RATIOS EXHIBIT 12 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS Three Months Ended March 31, 2002 and 2001 (In millions, except ratios) (in millions) 2002 2001 ------ ------ EARNINGS Income from continuing operations before income taxes $ 196 $ 298 Add: fixed charges 50 44 ------ ------ Income as adjusted $ 246 $ 342 ====== ====== FIXED CHARGES AND PREFERRED DIVIDENDS Fixed charges: Interest expense and amortization $ 26 $ 31 Distributions on redeemable preferred securities 18 7 Rental expense (1) 6 6 ------ ------ Total fixed charges 50 44 Preferred stock dividend requirements 4 4 ------ ------ Total fixed charges and preferred stock dividend requirements $ 54 $ 48 ====== ====== Ratio of earnings to fixed charges 4.90 7.73 ====== ====== Ratio of earnings to combined fixed charges and preferred stock dividend requirements 4.58 7.15 ====== ====== (1) Interest portion deemed implicit in total rent expense.