EX-12 3 l96693aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS:FIXED CHRG EX-12 Computation of Ratio of Earnigns:Fixed Chrg
 

Exhibit No. 12

THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)

                   
      Nine Months Ended
      September 30,
     
      2002   2001
     
 
Income before income taxes
   $ 761.9     $ 410.8  
 
    
     
 
Fixed Charges:
                
 
Interest and amortization on indebtedness
     54.2       39.2  
 
Portion of rents representative of the interest factor
     4.4       5.9  
 
    
     
 
Total fixed charges
     58.6       45.1  
 
    
     
 
Total income available for fixed charges1
   $ 820.4     $ 455.1  
 
    
     
 
Ratio of earnings to fixed charges
     14.0       10.1  
 
    
     
 

1 Excludes interest capitalized, net of amortized interest, of $.1 million and $.8 million for the nine months ended September 30, 2002 and 2001, respectively.

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