EX-12 5 ex12303.txt EXHIBIT 12 EXHIBIT 12 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS Three Months and Nine Months Ended September 30, 2003 and 2002 (In millions, except ratios) Three Months Ended Nine Months Ended September 30 September 30 ------------------ ----------------- (in millions) 2003 2002 2003 2002 ----------- ------ ------ ------ ------ EARNINGS Income (loss) from continuing operations, before income taxes $ 331 $ 95 $ 890 $ (73) Add: fixed charges 57 56 168 160 ------ ------ ------ ------ Income (loss), as adjusted $ 388 $ 151 $1,058 $ 87 ====== ====== ====== ====== FIXED CHARGES AND PREFERRED DIVIDENDS Fixed charges: Interest expense and amortization $ 31 $ 30 $ 91 $ 84 Distributions on redeemable preferred securities 17 17 52 53 Rental expense (1) 9 9 25 23 ------ ------ ------ ------ Total fixed charges 57 56 168 160 Preferred stock dividend requirements 3 4 9 10 ------ ------ ------ ------ Total fixed charges and preferred stock dividend requirements $ 60 $ 60 $ 177 $ 170 ====== ====== ====== ====== Ratio of earnings to fixed charges 6.85 2.68 6.32 0.54 ====== ====== ====== ====== Ratio of earnings to combined fixed charges and preferred stock dividend requirements 6.49 2.53 5.98 0.51 ====== ====== ====== ====== (1) Interest portion deemed implicit in total rent expense.