EX-12.1 3 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

LandAmerica Financial Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

 

     Nine Months Ended
September 30, 2004
     Year Ended December 31
       2003
     2002
     2001
     2000
     1999

Earnings

                                   

Pre-Tax Earnings

    179,373     296,940     229,772     94,165     (128,137 )   84,870

Equity in Unconsolidated Subsidiaries

    (10,007 )   (16,698 )   (10,131 )   (3,211 )   (609 )   —  

Minority Interest

    1,746     1,508     23     18     —        

Fixed Charges

    35,969     31,865     28,145     28,502     28,361     25,440

Distributed Income of Equity Investees

    8,163     12,661     6,979     3,536     1,521     —  

Minority Interest

    (1,746 )   (1,508 )   (23 )   (18 )   —       —  
    
 
 
 
 
 

Earnings

    213,498     324,768     254,765     122,992     (98,864 )   110,310
    
 
 
 
 
 

Fixed Charges Calculation

                                   

Interest Cost

    19,194     13,082     12,379     12,766     13,614     12,068

Interest in Rental Expense (1)

    16,775     18,783     15,766     15,736     14,747     13,372
    
 
 
 
 
 

Total Fixed Charges

    35,969     31,865     28,145     28,502     28,361     25,440
    
 
 
 
 
 

Ratio

    5.94     10.19     9.05     4.32     —   (2)   4.34
    
 
 
 
 
 
(1) Assumes a 9% interest rate on rental payments.
(2) In 2000, our earnings were not sufficient to cover our fixed charges due to non-cash charges of $177.8 million associated with a change in our method of assessing the recoverability of goodwill. The amount of the earnings deficiency was $70.5 million.