EX-12.2 8 a2208330zex-12_2.htm EX-12.2

Exhibit 12.2

 

HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

 

STATEMENT OF RATIO OF EARNINGS

TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

(in thousands, except ratios)

 

 

 

Years ended December 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

Ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest factor of rent expense (1)

 

$

5,390

 

$

5,294

 

$

5,277

 

$

4,581

 

$

4,067

 

Interest expense

 

23,070

 

21,348

 

16,164

 

20,362

 

16,270

 

Capitalized interest

 

382

 

—

 

51

 

104

 

—

 

Total fixed charges

 

$

28,842

 

$

26,642

 

$

21,492

 

$

25,047

 

$

20,337

 

Dividends on preferred stock

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges and preference dividends

 

$

28,842

 

$

26,642

 

$

21,492

 

$

25,047

 

$

20,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income tax expense

 

$

355,006

 

$

489,827

 

$

518,551

 

$

432,238

 

$

579,904

 

Interest factor of rent expense (1)

 

5,390

 

5,294

 

5,277

 

4,581

 

4,067

 

Interest expense

 

23,070

 

21,348

 

16,164

 

20,362

 

16,270

 

Earnings per calculation

 

$

383,466

 

$

516,469

 

$

539,992

 

$

457,181

 

$

600,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (2)

 

13.30

 

19.39

 

25.13

 

18.25

 

29.51

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preference dividends (3)

 

13.30

 

19.39

 

25.13

 

18.25

 

29.51

 

 

(1)          Estimated to be 33% of total net expense

(2)          Earnings per calculation divided by total fixed charges

(3)          Earnings per calculation divided by total fixed charges and preference dividends