EX-12.1 3 rdn-ex12_20121231xnotprint.htm SCHEDULE OF EARNINGS TO FIXED CHARGES RDN-EX12_2012.12.31_notprint


Exhibit 12

Radian Group Inc.
Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends
 
2012
 
2011
 
2010
 
2009
 
2008
Net earnings (loss)
$
(451,468
)
 
$
302,150

 
$
(1,805,867
)
 
$
(147,879
)
 
$
(410,579
)
Federal and state income tax provision (benefit)
7,271

 
66,362

 
226,189

 
(94,401
)
 
(263,550
)
Earnings (loss) before income taxes
(444,197
)
 
368,512

 
(1,579,678
)
 
(242,280
)
 
(674,129
)
Equity in net (income) loss of affiliates
13

 
(65
)
 
(14,668
)
 
(33,226
)
 
(59,797
)
Distributed income from equity investees
92

 
—

 
29,498

 
11,040

 
35,460

Net earnings (loss)
(444,092
)
 
368,447

 
(1,564,848
)
 
(264,466
)
 
(698,466
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest
51,832

 
61,394

 
41,777

 
46,010

 
53,514

One-Third of all rentals
1,873

 
1,678

 
1,621

 
2,496

 
2,529

Fixed charges
53,705

 
63,072

 
43,398

 
48,506

 
56,043

Preferred dividends
—

 
—

 
—

 
—

 
—

Fixed charges and preferred dividends
53,705

 
63,072

 
43,398

 
48,506

 
56,043

Net earnings (loss) and fixed charges
$
(390,387
)
 
$
431,519

 
$
(1,521,450
)
 
$
(215,960
)
 
$
(642,423
)
Net earnings (loss), fixed charges and preferred dividends
$
(390,387
)
 
$
431,519

 
$
(1,521,450
)
 
$
(215,960
)
 
$
(642,423
)
Ratio of net earnings (loss) and fixed charges to fixed charges
(1
)
 
6.8x

 
(1
)
 
(1
)
 
(1
)
Ratio of net earnings (loss), fixed charges and preferred stock dividends to fixed charges and preferred stock dividends (2)
(1
)
 
6.8x

 
(1
)
 
(1
)
 
(1
)

(1) For the periods ended December 31, 2012, 2010, 2009 and 2008, earnings were not adequate to cover fixed charges in the
amount of $(390,387), $(1,521,450), $(215,960), and $(642,423), respectively.

(2) Interest on tax accruals that are non-third party indebtedness are excluded from the calculation.