Exhibit 12.1
LandAmerica Financial Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions)
| Years Ended December 31, |
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| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
| Earnings: |
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| Pre-Tax Earnings |
$ | 226.1 | $ | 296.9 | $ | 229.8 | $ | 94.2 | $ | (128.2 | ) | |||||||||
| Income or Loss from Equity Investees |
(13.7 | ) | (16.7 | ) | (10.1 | ) | (3.2 | ) | (0.6 | ) | ||||||||||
| Minority Interest |
2.3 | 1.5 | 0.0 | 0.0 | — | |||||||||||||||
| Fixed Charges |
48.6 | 31.9 | 28.1 | 28.5 | 28.4 | |||||||||||||||
| Distributed Income of Equity Investees |
11.6 | 12.7 | 7.0 | 3.5 | 1.5 | |||||||||||||||
| Minority Interest for which no Fixed Charges Were Incurred |
(2.3 | ) | (1.5 | ) | 0.0 | 0.0 | — | |||||||||||||
| Earnings as Adjusted |
$ | 272.6 | $ | 324.8 | $ | 254.8 | $ | 123.0 | $ | (98.9 | ) | |||||||||
| Fixed Charges: |
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| Interest Costs |
$ | 26.3 | $ | 13.1 | $ | 12.4 | $ | 12.8 | $ | 13.6 | ||||||||||
| Amortization of Debt Costs |
0.5 | — | — | — | — | |||||||||||||||
| Interest within Rental Expense (1) |
21.8 | 18.8 | 15.7 | 15.7 | 14.8 | |||||||||||||||
| Total Fixed Charges |
$ | 48.6 | $ | 31.9 | $ | 28.1 | $ | 28.5 | $ | 28.4 | ||||||||||
| Ratio of Earnings to Fixed Charges |
5.61 | 10.19 | 9.05 | 4.32 | — | (2) | ||||||||||||||
| (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. |