Attached files
file | filename |
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EX-32 - EXHIBIT 32 - XL GROUP LTD | xlgroup-03312016xex_32.htm |
EX-31 - EXHIBIT 31 - XL GROUP LTD | xlgroup-03312016xex_31.htm |
10-Q - 10-Q - XL GROUP LTD | xlgroup-10qx03312016.htm |
Exhibit 12
XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
Three Months Ended | |||||||
(U.S. dollars in thousands, except ratios) | 2016 | 2015 | |||||
Earnings: | |||||||
Pre-tax income (loss) from continuing operations | $ | 97,252 | $ | 39,892 | |||
Fixed charges | 114,541 | 89,747 | |||||
Distributed income of equity investees | 40,622 | 24,570 | |||||
Subtotal | $ | 252,415 | $ | 154,209 | |||
Less: Non-controlling interests | 3,679 | 1,957 | |||||
Preference share dividends | 57,464 | 35,433 | |||||
Total earnings (loss) | $ | 191,272 | $ | 116,819 | |||
Fixed charges: | |||||||
Interest costs | $ | 41,613 | $ | 41,481 | |||
Accretion of deposit liabilities | 10,690 | 9,957 | |||||
Rental expense at 30% (1) | 4,774 | 2,876 | |||||
Total fixed charges | $ | 57,077 | $ | 54,314 | |||
Preference share dividends | 57,464 | 35,433 | |||||
Total fixed charges and preference dividends | $ | 114,541 | $ | 89,747 | |||
Ratio of earnings to fixed charges | 3.4 | 2.2 | |||||
Ratio of earnings to combined fixed charges and preference dividends | 1.7 | 1.3 | |||||
Deficiency - fixed charges only | N/A | N/A | |||||
Deficiency - fixed charges and preference dividends | N/A | N/A |
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(1) | 30% represents a reasonable approximation of the interest factor. |