EX-12.1 9 dex121.txt MARKEL COMPUTATION OF RATIO OF EARNINGS Exhibit 12.1 Markel Corporation Ratio of Earnings to Fixed Charges (Dollars in Thousands)
Year Ended December 31, ------------------------------------------------------------------------- 2001 2000 1999 1998 1997 ------------------------------------------------------------------------- Earnings: --------- Earnings (loss) from continuing operations before income taxes ($182,198) ($51,806) $53,440 $75,385 $66,351 Fixed charges 52,511 56,030 27,058 22,026 21,496 ------------------------------------------------------------------------- Earnings (loss) from continuing operations, as adjusted ($129,687) $ 4,224 $80,498 $97,411 $87,847 ========================================================================= Fixed Charges: -------------- Interest Expense $ 48,647 $52,348 $25,150 $20,406 $20,124 Portion of rental expense representative of interest 3,864 3,682 1,908 1,620 1,372 ------------------------------------------------------------------------- Fixed Charges $ 52,511 $56,030 $27,058 $22,026 $21,496 ========================================================================= Ratio of Earnings to Fixed Charges -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. The ratio of earnings to fixed charges is computed by dividing pretax income from continuing operations before fixed charges by fixed charges. Fixed charges consist of interest charges and amortization of debt expense and discount or premium related to indebtedness, whether expensed or capitalized, and that portion of rental expense we believe representative of interest.