EX-12.1 12 v86092orexv12w1.txt EXHIBIT 12.1 SAFECO CORPORATION AND SUBSIDIARIES Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges -------------------------------------------------------------------------------- (In Millions, except ratios) RATIO OF EARNINGS (LOSS) TO FIXED CHARGES *
Nine Months Ending 30-Sep-02 30-Sep-01 2001 ------------------------------------------- Earnings (Loss): Income (Loss) Before Income Taxes $ 324.0 (1,476.7) $ (1,482.3) Total Fixed Charges 848.5 842.8 1,119.4 Less Interest Capitalized - (7.0) (8.3) ------------------------------------------- Total Earnings $ 1,172.5 $ (640.9) $ (371.2) ------------------------------------------- Fixed Charges: Interest $ 50.3 $ 50.0 $ 65.7 Interest on Deposit Contracts 733.3 721.8 960.2 Distributions on Capital Securities 51.8 51.8 69.0 Interest Capitalized - 7.0 8.3 Interest Portion of Rental Expense 12.3 11.3 15.0 Amortization of Deferred Debt Expense 0.8 0.9 1.2 ------------------------------------------- Total Fixed Charges $ 848.5 $ 842.8 $ 1,119.4 ------------------------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES 1.4 - - Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A $ 1,483.7 $ 1,490.6 -------------------------------------------
SAFECO CORPORATION AND SUBSIDIARIES Exhibit 12 Computation of Ratio of Earnings to Fixed Charges -------------------------------------------------------------------------------- (In Millions, except ratios) RATIO OF EARNINGS (LOSS) TO FIXED CHARGES *
2000 1999 1998 1997 ---------------------------------------------------------- Earnings (Loss): Income (Loss) Before Income Taxes $ 70.4 $ 240.6 $ 371.0 $ 528.3 Total Fixed Charges 1,123.5 1,024.9 1,001.6 778.5 Less Interest Capitalized (6.1) - (0.5) (2.0) ---------------------------------------------------------- Total Earnings $ 1,187.8 $ 1,265.5 $ 1,372.1 $ 1,304.8 ---------------------------------------------------------- Fixed Charges: Interest $ 73.2 $ 70.6 $ 92.5 $ 45.5 Interest on Deposit Contracts 959.9 872.2 831.4 702.7 Distributions on Capital Securities 69.0 69.0 69.1 22.8 Interest Capitalized 6.1 - 0.5 2.0 Interest Portion of Rental Expense 14.3 12.0 6.7 4.8 Amortization of Deferred Debt Expense 1.0 1.1 1.4 0.7 ---------------------------------------------------------- Total Fixed Charges $ 1,123.5 $ 1,024.9 $ 1,001.6 $ 778.5 ---------------------------------------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES 1.1 1.2 1.4 1.7 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A N/A N/A N/A ----------------------------------------------------------
SUPPLEMENTAL RATIOS ** Nine Months Ending 30-Sep-02 30-Sep-01 2001 2000 ----------------------------------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (EXCLUDING INTEREST ON DEPOSIT CONTRACTS AND DISTRIBUTIONS ON CAPITAL SECURITIES) 6.1 - - 1.7 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A $ 1,483.7 $ 1,490.6 N/A ----------------------------------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (EXCLUDING INTEREST ON DEPOSIT CONTRACTS) 3.8 - - 1.4 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A $ 1,483.7 $ 1,490.6 N/A -----------------------------------------------------
SUPPLEMENTAL RATIOS ** 1999 1998 1997 ---------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (EXCLUDING INTEREST ON DEPOSIT CONTRACTS AND DISTRIBUTIONS ON CAPITAL SECURITIES) 3.9 4.7 10.9 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A N/A N/A ---------------------------- RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (EXCLUDING INTEREST ON DEPOSIT CONTRACTS) 2.6 3.2 7.9 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges N/A N/A N/A ----------------------------
* As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934. ** These ratios are presented to provide additional measures of the ratio of earnings (loss) to fixed charges and are provided as a supplement to the ratios calculated inder Item 503(d). While not required or encouraged by Securities and Exchange Commission rules or regulations SAFECO believes these supplemental ratios provide useful additional measures of financial performance for investors and creditors.