EX-12 7 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Markel Corporation Ratio of Earnings to Fixed Charges (Dollars in Thousands)
Three Months Ended Year Ended March 31, December 31, -------------- --------------------------------------------------------------------- 2001 2000 1999 1998 1997 1996 -------------- --------------------------------------------------------------------- Earnings: --------- Earnings (Loss) from continuing operations before income taxes $13,539 ($51,806) $53,440 $75,385 $66,351 $37,000 Fixed charges 16,373 56,030 27,058 22,026 21,496 8,900 -------------- --------------------------------------------------------------------- Earnings from continuing operations, as adjusted $29,912 $4,224 $80,498 $97,411 $87,847 $45,900 ============== ===================================================================== Fixed Charges: -------------- Interest Expense $15,146 $52,348 $25,150 $20,406 $20,124 $8,016 Portion of rental expense representative of interest 1,227 3,682 1,908 1,620 1,372 884 -------------- --------------------------------------------------------------------- Fixed Charges $16,373 $56,030 $27,058 $22,026 $21,496 $8,900 ============== ===================================================================== Ratio of Earnings to Fixed Charges 1.8 0.1 3.0 4.4 4.1 5.2 Deficiency in the coverage of fixed charges by earnings before fixed charges - $51,806 - - - -
Notes: ------ o The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.