EX-12 3 dex12.txt EXHIBIT 12 Exhibit 12 Markel Corporation Ratio of Earnings to Fixed Charges (Dollars in Thousands)
3 Months Ended Year Ended March 31, December 31, -------------- ---------------------------------------------------- 2002 2001 2000 1999 1998 1997 -------------- ---------------------------------------------------- Earnings: --------- Earnings (loss) from continuing operations before income taxes $ 27,044 ($182,198) ($51,806) $ 53,440 $ 75,385 $ 66,351 Fixed charges 10,011 52,511 56,030 27,058 22,026 21,496 ---------- ---------------------------------------------------- Earnings (loss) from continuing operations, as adjusted $ 37,055 ($129,687) $ 4,224 $ 80,498 $ 97,411 $ 87,847 ========== ==================================================== Fixed Charges: -------------- Interest Expense $ 9,081 $ 48,647 $52,348 $ 25,150 $ 20,406 $ 20,124 Portion of rental expense representative of interest 930 3,864 3,682 1,908 1,620 1,372 ---------- ---------------------------------------------------- Fixed Charges $ 10,011 $ 52,511 $56,030 $ 27,058 $ 22,026 $ 21,496 ========== ==================================================== Ratio of Earnings to Fixed Charges 3.7 -2.5 0.1 3.0 4.4 4.1 Deficiency in the coverage of fixed charges by earnings before fixed charges - $182,198 $51,806 - - -
Notes: ------ .. The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.