EX-12.1 4 axs2012ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS AXS-2012.12.31-EX-12.1


Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings: income before income taxes
$
550,528

 
$
61,538

 
$
895,403

 
$
539,861

 
$
407,485

 
 
Add: fixed charges
67,898

 
66,185

 
58,010

 
34,061

 
33,784

 
 
Earnings for computation
$
618,426

 
$
127,723

 
$
953,413

 
$
573,922

 
$
441,269

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumed interest component of rent expense(1)
$
8,849

 
$
7,163

 
$
5,798

 
$
4,860

 
$
4,583

 
 
Interest expense
59,049

 
59,022

 
52,212

 
29,201

 
29,201

 
 
Total fixed charges
$
67,898

 
$
66,185

 
$
58,010

 
$
34,061

 
$
33,784

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.1

 
1.9

 
16.4

 
16.8

 
13.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred share dividends(2)
$
38,228

 
$
36,875

 
$
36,875

 
$
36,875

 
$
36,875

 
 
Total fixed charges and preferred share dividends
$
106,126

 
$
103,060

 
$
94,885

 
$
70,936

 
$
70,659

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred share
 
 
 
 
 
 
 
 
 
 
 
dividends
5.8

 
1.2

 
10.0

 
8.1

 
6.2

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
33.3% represents a reasonable approximation of the interest factor.
(2)
Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity.