EX-12 4 ex12103.txt EXHIBIT 12 EXHIBIT 12 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS Three Months Ended March 31, 2003 and 2002 (In millions, except ratios) 2003 2002 ---- ---- EARNINGS Income from continuing operations before income taxes $251 $196 Add: fixed charges 55 50 ---- ---- Income as adjusted $306 $246 ==== ==== FIXED CHARGES AND PREFERRED DIVIDENDS Fixed charges: Interest expense and amortization $ 30 $ 26 Distributions on redeemable preferred securities 18 18 Rental expense (1) 7 6 ---- ---- Total fixed charges 55 50 Preferred stock dividend requirements 3 4 ---- ---- Total fixed charges and preferred stock dividend requirements $ 58 $ 54 ==== ==== Ratio of earnings to fixed charges 5.56 4.90 ==== ==== Ratio of earnings to combined fixed charges and preferred stock dividend requirements 5.25 4.58 ==== ==== (1) Interest portion deemed implicit in total rent expense.