EX-12 20 c66203ex12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12 THE ST. PAUL COMPANIES, INC. AND SUBSIDIARIES Computation of Ratios (In millions, except ratios)
2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ EARNINGS: Income from continuing operations before income taxes $1,401 $951 $100 $1,356 $1,331 Add: fixed charges 174 175 153 150 139 ------ ------ ------ ------ ------ Income, as adjusted $1,575 $1,126 $253 $1,506 $1,470 ====== ====== ====== ====== ====== FIXED CHARGES AND PREFERRED DIVIDENDS: Interest expense and amortization $116 $99 $75 $87 $87 Dividends on preferred capital securities 31 36 38 33 13 Rental expense (1) 27 40 40 30 39 ------ ------ ------ ------ ------ Total fixed charges 174 175 153 150 139 Preferred stock dividend requirements 15 16 13 20 38 ====== ====== ====== ====== ====== Total fixed charges and preferred stock dividend requirements 189 191 166 170 177 ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 9.03 6.43 1.65 10.06 10.59 ====== ====== ====== ====== ====== Ratio of earnings to combined fixed charges and preferred stock dividend requirements 8.32 5.88 1.52 8.88 8.31 ====== ====== ====== ====== ======
---------- (1) Interest portion deemed implicit in total rent expense.