EX-12.1 11 v81262orex12-1.txt EXHIBIT 12.1 EXHIBIT 12.1 SAFECO CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS (LOSS) TO FIXED CHARGES AND EARNINGS (LOSS) TO FIXED CHARGES AND DISTRIBUTIONS ON CAPITAL SECURITIES (DOLLARS IN MILLIONS EXCEPT FOR RATIOS) Ratio of Earnings (Loss) to Fixed Charges Excluding Distributions on Capital Securities
THREE MONTH PERIOD ENDED YEAR-ENDED DECEMBER 31, MARCH 31, --------------------------------------------------------- 2002 2001 2000 1999 1998 1997 ----------- ---------- -------- -------- -------- -------- EARNINGS (LOSS) Income (Loss) Before Income Taxes and Distributions on Capital Securities......................... $ 93.6 $ (1,413.3) $ 139.4 $ 309.6 $ 440.1 $ 551.1 Total Fixed Charges ................. 20.4 90.2 94.6 83.7 101.1 53.0 Less Interest Capitalized ........... -- (8.3) (6.1) -- (0.5) (2.0) -------- ---------- -------- -------- -------- -------- Total Earnings (Loss) ........... $ 114.0 $ (1,331.4) $ 227.9 $ 393.3 $ 540.7 $ 602.1 ======== ========== ======== ======== ======== ======== FIXED CHARGES Interest ............................ $ 16.0 $ 65.7 $ 73.2 $ 70.6 $ 92.5 $ 45.5 Interest Capitalized ................ -- 8.3 6.1 -- 0.5 2.0 Interest Portion of Rental Expense .. 4.1 15.0 14.3 12.0 6.7 4.8 Amortization of Deferred Debt Expense 0.3 1.2 1.0 1.1 1.4 0.7 -------- ---------- -------- -------- -------- -------- Total Fixed Charges ............. $ 20.4 $ 90.2 $ 94.6 $ 83.7 $ 101.1 $ 53.0 ======== ========== ======== ======== ======== ======== RATIO OF EARNINGS (LOSS) TO FIXED CHARGES EXCLUDING DISTRIBUTIONS ON CAPITAL SECURITIES ............. 5.6 (14.8) 2.4 4.7 5.4 11.4 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges .... $ -- $ (1,421.6) $ -- $ -- $ -- $ -- ======== ========== ======== ======== ======== ========
Ratio of Earnings (Loss) to Fixed Charges Including Distributions on Capital Securities
THREE MONTH PERIOD ENDED YEAR-ENDED DECEMBER 31, MARCH 31, ---------------------------------------------------------- 2002 2001 2000 1999 1998 1997 ----------- ---------- -------- -------- -------- -------- EARNINGS (LOSS) Income (Loss) Before Income Taxes ... $ 76.3 $ (1,482.3) $ 70.4 $ 240.6 $ 371.0 $ 528.3 Total Fixed Charges ................. 37.7 159.2 163.6 152.7 170.2 75.8 Less Interest Capitalized ........... -- (8.3) (6.1) -- (0.5) (2.0) --------- ---------- --------- -------- -------- -------- Total Earnings (Loss) ........... $ 114.0 $ (1,331.4) $ 227.9 $ 393.3 $ 540.7 $ 602.1 ========= ========== ========= ======== ======== ======== FIXED CHARGES Interest ............................ $ 16.0 $ 65.7 $ 73.2 $ 70.6 $ 92.5 $ 45.5 Distributions on Capital Securities . 17.3 69.0 69.0 69.0 69.1 22.8 Interest Capitalized ................ -- 8.3 6.1 -- 0.5 2.0 Interest Portion of Rental Expense .. 4.1 15.0 14.3 12.0 6.7 4.8 Amortization of Deferred Debt Expense 0.3 1.2 1.0 1.1 1.4 0.7 --------- ---------- --------- -------- -------- ------- Total Fixed Charges ............. $ 37.7 $ 159.2 $ 163.6 $ 152.7 $ 170.2 $ 75.8 ========= ========== ========= ======== ======== ======== RATIO OF EARNINGS (LOSS) TO FIXED CHARGES INCLUDING DISTRIBUTION ON CAPITAL SECURITIES ............... 3.0 (8.4) 1.4 2.6 3.2 7.9 Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges .... $ -- $ (1,490.6) $ -- $ -- $ -- $ -- ========= ========== ========= ======== ======== ========