EX-12.1 5 axs2014ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS AXS-2014.12.31-EX-12.1


Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings: income before income taxes
$
830,472

 
$
734,467

 
$
550,528

 
$
61,538

 
$
895,403

 
 
Add: fixed charges
80,809

 
67,944

 
67,898

 
66,185

 
58,010

 
 
Add: amounts attributable from noncontrolling interests
6,181

 
—

 
—

 
—

 
—

 
 
Earnings for computation
$
917,462

 
$
802,411

 
$
618,426

 
$
127,723

 
$
953,413

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumed interest component of rent expense(1)
$
8,327

 
$
8,866

 
$
8,849

 
$
7,163

 
$
5,798

 
 
Interest expense
72,482

 
59,078

 
59,049

 
59,022

 
52,212

 
 
Total fixed charges
$
80,809

 
$
67,944

 
$
67,898

 
$
66,185

 
$
58,010

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.4

 
11.8

 
9.1

 
1.9

 
16.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred share dividends(2)
$
40,088

 
$
40,474

 
$
38,228

 
$
36,875

 
$
36,875

 
 
Total fixed charges and preferred share dividends
$
120,897

 
$
108,414

 
$
106,126

 
$
103,060

 
$
94,885

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred
 
 
 
 
 
 
 
 
 
 
 
share dividends
7.6

 
7.4

 
5.8

 
1.2

 
10.0

 
 
 
 
 
 
 
 
 
 
 
 
 
(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.