EX-12 4 rdn-ex12_20151231.htm RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES Exhibit


Exhibit 12

Radian Group Inc.
Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Dividends
 
2015
 
2014
 
2013
 
2012
 
2011
Net earnings (loss) from continuing operations
$
281,539

 
$
1,259,574

 
$
(141,851
)
 
$
(224,105
)
 
$
(446,790
)
Federal and state income tax provision (benefit)
156,290

 
(852,418
)
 
(31,495
)
 
(48,323
)
 
(138,238
)
Earnings (loss) before income taxes
437,829

 
407,156

 
(173,346
)
 
(272,428
)
 
(585,028
)
Equity in net income of affiliates
—

 
—

 
—

 
—

 
—

Distributed income from equity investees
—

 
—

 
—

 
—

 
—

Net earnings (loss)
437,829

 
407,156

 
(173,346
)
 
(272,428
)
 
(585,028
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest
91,102

 
90,464

 
74,618

 
51,832

 
61,394

One-Third of all rentals
1,656

 
1,308

 
1,020

 
1,269

 
1,060

Fixed charges
92,758

 
91,772

 
75,638

 
53,101

 
62,454

Preferred dividends
—

 
—

 
—

 
—

 
—

Fixed charges and preferred dividends
92,758

 
91,772

 
75,638

 
53,101

 
62,454

Net earnings (loss) and fixed charges
$
530,587

 
$
498,928

 
$
(97,708
)
 
$
(219,327
)
 
$
(522,574
)
Net earnings (loss), fixed charges and preferred dividends
$
530,587

 
$
498,928

 
$
(97,708
)
 
$
(219,327
)
 
$
(522,574
)
Ratio of net earnings (loss) and fixed charges to fixed charges
5.7x
 
5.4x
 
(1)
 
(1)
 
(1)
Ratio of net earnings (loss), fixed charges and preferred stock dividends to fixed charges and preferred stock dividends (2)
5.7x
 
5.4x
 
(1)
 
(1)
 
(1)

(1) For the periods ended December 31, 2013, 2012 and 2011, earnings were not adequate to cover fixed charges in the
amounts of $(97,708), $(219,327) and $(522,574), respectively.
(2) Interest on tax accruals that are non-third party indebtedness are excluded from the calculation.