EX-12.1 4 0004.txt STATEMENT RE: COMPUTATION OF EARNINGS TO FIXED EXHIBIT 12.1 ------------ THE PMI GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES
Year Ended December 31, 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- (Dollars in thousands) Income from continuing operations before income tax $373,866 $290,086 $266,948 $242,867 $222,106 -------- -------- -------- -------- -------- Fixed Charges: Rentals - at computed interest * $ 3,756 $ 2,760 $ 2,959 $ 2,549 $ 2,459 Interest Expense 10,210 8,554 7,029 6,766 907 Distribution on redeemable capital securities 8,309 8,311 8,311 7,617 - -------- -------- -------- -------- -------- Total fixed charges $ 22,275 $ 19,625 $ 18,299 $ 16,932 $ 3,366 ======== ======== ======== ======== ======== Profit before taxes plus fixed charges $396,141 $309,711 $285,247 $259,799 $225,472 ======== ======== ======== ======== ======== Ratio of adjusted profit to fixed charges 17.8 15.8 15.6 15.3 67.0 ======== ======== ======== ======== ========
* Those portions of rent expense that are representative of interest cost.