EX-12.1 3 ex12_1fixedchargesratios.htm EXHIBIT 12.1 FIXED CHARGES RATIO Exhibit

Exhibit 12.1


OLD REPUBLIC INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in Thousands)
 
 
 
 
Years Ended December 31,
 
ACTUAL
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AVAILABLE FOR FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes (credits)
 
 
725,411

 
686,012

 
631,823

 
609,485

 
672,952

 
Adjustment — income from equity investees
 
 
(1,738
)
 
(1,124
)
 
(1,431
)
 
(2,968
)
 
(5,643
)
 
Adjustment — distributed income of equity investees
 
 
105

 
823

 
441

 
411

 
708

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
64,543

 
50,943

 
42,936

 
28,365

 
23,197

 
 
 
 
788,321

 
736,654

 
673,769

 
635,293

 
691,214

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
 
64,543

 
50,943

 
42,936

 
28,365

 
23,197

 
 
 
 
64,543

 
50,943

 
42,936

 
28,365

 
23,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
12.21

 
14.46

 
15.69

 
22.40

 
29.80

 
DEFICIENCY
 
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A