EX-12 10 a2152709zex-12.txt EXHIBIT 12 Exhibit 12 WHITE MOUNTAINS INSURANCE GROUP, LTD. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS EXCEPT RATIOS)
YEAR ENDED ------------------------------------------------------------------------ 2004 2003 2002 2001 2000 ------------ ------------ ------------ ------------ ------------ Consolidated pretax income from continuing operations before minority interest, equity in earnings of affiliates, accounting changes and extraordinary items $ 247.8 $ 372.3 $ 119.4 $ (427.5) $ 355.4 Less undistributed earnings in unconsolidated affiliates n/a n/a n/a n/a (1.0) Interest expense on debt 49.1 48.6 71.8 45.7 16.1 Interest portion of rental expense 15.5 14.3 15.3 7.7 0.9 ------------ ------------ ------------ ------------ ------------ Earnings $ 312.4 $ 435.2 $ 206.5 $ (374.1) $ 371.4 ============ ============ ============ ============ ============ Interest expense on debt 49.1 48.6 71.8 45.7 16.1 Interest portion of rental expense 15.5 14.3 15.3 7.7 0.9 ------------ ------------ ------------ ------------ ------------ Fixed charges 64.6 62.9 87.1 53.4 17.0 ============ ============ ============ ============ ============ RATIO OF EARNINGS TO FIXED CHARGES 4.8 6.9 2.4 (7.0) 21.8