EX-12.1 3 c26071_ex12a.txt XL CAPITAL EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS 000S OF U.S. DOLLARS
QTR END YR END YR END YR END YR END YR END 31-Mar 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 2003 2002 2001 2000 1999 1998 --------- --------- --------- --------- --------- --------- EARNINGS: Pre-tax income from continuing operations 270,035 392,903 (833,916) 376,734 390,252 636,670 Fixed charges and pref divs 59,236 186,987 117,994 76,612 53,609 36,898 Distributed income of equity investees 35,666 23,335 3,662 4,987 1,266 25,319 --------- --------- --------- --------- --------- --------- Subtotal 364,937 603,225 (712,260) 458,333 445,127 698,887 Less: Minority interest 1,862 13,371 2,113 1,093 220 749 Preference share dividends 10,148 9,620 -- -- -- -- --------- --------- --------- --------- --------- --------- TOTAL EARNINGS 352,927 580,234 (714,373) 457,240 444,907 698,138 ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest costs 22,017 102,200 65,350 32,147 37,378 33,444 Accretion of deposit liabilities 24,123 65,886 47,922 38,446 12,394 -- Rental expense at 30% (1) 2,948 9,281 4,722 6,019 3,837 3,454 --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES 49,088 177,367 117,994 76,612 53,609 36,898 --------- --------- --------- --------- --------- --------- Preference share dividends - XL Capital 10,148 9,620 -- -- -- -- --------- --------- --------- --------- --------- --------- TOTAL PREFERED DIVIDENDS 10,148 9,620 -- -- -- -- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES AND PREFERENCE DIVIDENDS 59,236 186,987 117,994 76,612 53,609 36,898 ========= ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 7.2 3.3 (6.1) 6.0 8.3 18.9 --------- --------- --------- --------- --------- --------- RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS 6.0 3.1 (6.1) 6.0 8.3 18.9 --------- --------- --------- --------- --------- --------- DEFICIENCY N/A N/A (832,367) N/A N/A N/A --------- --------- --------- --------- --------- ---------
(1) 30% represents a reasonable approximation of the interest factor (2) For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $832.4 million.