EX-12 5 b325014ex_12.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 PXRE GROUP LTD. AND SUBSIDIARIES COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (In thousands, except ratios)
Quarter Ended Year Ended March 31, December 31, ---------------------- ------------------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 ------- ------- ------- -------- -------- -------- ------- Net income $23,607 $18,233 $64,545 $(17,967) $(10,800) $(42,139) $ 2,679 Income taxes 1,507 5,247 17,829 (4,532) (12,006) (13,149) (1,661) ---------------------- ------- -------- -------- -------- ------- $25,114 $23,480 $82,374 $(22,499) $(22,806) $(55,288) $ 1,018 Fixed charges: Interest expense 4,365 2,969 11,585 13,301 13,653 12,705 10,323 Appropriated portion (1/3) of rentals 186 276 1,205 873 953 718 490 ---------------------- ------- -------- -------- -------- ------- Total fixed charges 4,551 3,245 12,790 14,174 14,606 13,423 10,813 ---------------------- ------- -------- -------- -------- ------- Earnings (loss) before income taxes and fixed charges $29,665 $26,725 $95,164 $ (8,325) $ (8,200) $(41,865) $11,831 ---------------------- ------- -------- -------- -------- ------- Preferred dividend requirements $ 3,181 $ 0 $ 9,077 $ 0 $ 0 $ 0 $ 0 ---------------------- ------- -------- -------- -------- ------- Ratio of pre-tax income to net income 1.06 1.29 1.28 1.25 2.11 1.31 0.38 ---------------------- ------- -------- -------- -------- ------- Preferred dividend factor $ 3,384 $ 0 $11,584 $ 0 $ 0 $ 0 $ 0 Total fixed charges 4,551 3,245 12,790 14,174 14,606 13,423 10,813 ---------------------- ------- -------- -------- -------- ------- Total fixed charges and preferred dividends $ 7,935 $ 3,245 $24,374 $ 14,174 $ 14,606 $ 13,423 $10,813 ---------------------- ------- -------- -------- -------- ------- Ratio of earnings to fixed charges 6.52 8.24 7.44 (0.59) (0.56) (3.12) 1.09 ---------------------- ------- -------- -------- -------- ------- Ratio of earnings to combined fixed charges and preferred dividends 3.74 8.24 3.90 (0.59) (0.56) (3.12) 1.09 ---------------------- ------- -------- -------- -------- ------- Deficiency in ratio -- -- -- 22,499 22,806 55,288 -- ======= ======= ======= ======== ======== ======== ======= Deficiency in combined ratio -- -- -- 22,499 22,806 55,288 -- ======= ======= ======= ======== ======== ======== =======