EX-12.1 4 h36604exv12w1.htm STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
                                                 
    For the Three        
    Months Ended        
    March 31,     For the Years Ended December 31,  
    2006     2005     2004     2003     2002     2001  
Interest factor of rent expense(1)
   $ 907     $ 3,373     $ 3,319     $ 3,067     $ 2,838     $ 2,354  
Interest expense
     2,154       7,684       8,374       7,453       8,301       8,884  
Capitalized interest
     —       —       —       —       —       23  
 
                                    
Total fixed charges
   $ 3,061     $ 11,057     $ 11,693     $ 10,520     $ 11,139     $ 11,261  
 
                                    
                                                 
Earnings from continuing operations before income tax expense
   $ 118,333     $ 278,747     $ 240,753     $ 166,734     $ 152,396     $ 54,825  
Fixed charges
     3,061       11,057       11,693       10,520       11,139       11,261  
Capitalized interest
     —       —       —       —       —       (23)  
 
                                    
Earnings per calculation
   $ 121,394     $ 289,804     $ 252,446     $ 177,254     $ 163,535     $ 66,063  
 
                                    
 
Ratio of earnings to fixed charges(2)
     39.66       26.21       21.59       16.85       14.68       5.87  
 
                                    
 
(1)   Estimated to be 33% of total rent expense.
 
(2)   Earnings per calculation divided by total fixed charges.