EX-12 5 l93089aex12.txt EX-12 COMPUTATION/RATIO-EARNINGS TO FIXED CHARGES Exhibit No. 12 THE PROGRESSIVE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (millions) (unaudited)
Years Ended December 31, -------------------------------------------------------- 2001 2000 1999 1998 1997 --------- --------- --------- -------- --------- Income before income taxes $587.6 $31.8 $412.2 $661.1 $578.5 --------- --------- --------- -------- --------- Fixed Charges: Interest and amortization on indebtedness 53.4 81.1 79.8 64.6 64.6 Portion of rents representative of the interest factor 7.4 8.0 6.8 6.7 5.6 --------- --------- --------- -------- --------- Total fixed charges 60.8 89.1 86.6 71.3 70.2 --------- --------- --------- -------- --------- Total income available for fixed charges(1) $647.7 $118.0 $495.6 $728.9 $648.7 ========= ========= ========= ======== ========= Ratio of earnings to fixed charges 10.7 1.3 5.7 10.2 9.2 ========= ========= ========= ======== =========
(1) Excludes interest capitalized, net of amortized interest, of $.7 million and $2.9 million, $3.2 million, and $3.5 million for the years ended December 31, 2001, 2000, 1999 and 1998, respectively. No interest was capitalized during 1997.