EX-12 6 l91109aex12.txt EXHIBIT 12--COMPUTATION OF EARNINGS/FIXED CHARGES EXHIBIT 12 The Progressive Corporation Computation of Ratio of Earnings to Fixed Charges
Nine Months Years Ended December 31, Ended September 30, 2001 2000 1999 1998 1997 1996 ------------------------------------------------------------------------ (Dollars in Millions) Income before income taxes $410.8 $31.8 $412.2 $661.1 $578.5 $441.7 ------------------------ -------- -------- -------- ------- -------- Fixed Charges: Interest and amortization on indebtedness (a) 39.1 81.1 79.8 64.6 64.6 61.5 Portion of rents representative of the interest factor 5.9 8.0 6.8 6.7 5.6 4.5 ------------------------ -------- -------- -------- ------- -------- Total Fixed Charges 45.0 89.1 86.6 71.3 70.2 66.0 ------------------------ -------- -------- -------- ------- -------- Total income available for fixed charges (b) $455.1 $118.0 $495.6 $728.9 $648.7 $507.7 ======================== ======== ======== ======== ======= ======== Ratio of earnings to fixed charges 10.1 1.3 5.7 10.2 9.2 7.7 ======================== ======== ======== ======== ======= ========
(a) Includes both interest expensed and capitalized. (b) Excludes interest capitalized, net of amortized interest, of $.7 million for the nine months ended September 30, 2001, and $2.9 million, $3.2 million and $3.5 million for the years ended December 31, 2000, 1999 and 1998, respectively. No interest was capitalized in 1997 or 1996.