Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - PHOENIX COMPANIES INC/DE | pnx-201603x31x10q.htm |
| EX-31.2 - EXHIBIT 31.2 - PHOENIX COMPANIES INC/DE | pnx-20160331x10qxexx312.htm |
| EX-32 - EXHIBIT 32 - PHOENIX COMPANIES INC/DE | pnx-20160331x10qxexx32.htm |
| EX-31.1 - EXHIBIT 31.1 - PHOENIX COMPANIES INC/DE | pnx-20160331x10qxexx311.htm |
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS [1] | |||||||||||||||||||||||
Three Months Ended Mar. 31, | Years Ended December 31, | ||||||||||||||||||||||
($ amounts in millions) | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (62.3 | ) | $ | (159.3 | ) | $ | (195.2 | ) | $ | 38.1 | $ | (153.5 | ) | (5.4 | ) | |||||||
Less: Equity in earnings (losses) of limited partnership and other investments | 20.9 | 83.7 | 67.9 | 58.0 | 63.6 | 44.6 | |||||||||||||||||
Add: Distributed earnings of limited partnership and other investments | 7.3 | 78.3 | 94.2 | 101.1 | 64.4 | 33.1 | |||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in undistributed earnings of limited partnership and other investments | $ | (75.9 | ) | $ | (164.7 | ) | $ | (168.9 | ) | $ | 81.2 | $ | (152.7 | ) | (16.9 | ) | |||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense on indebtedness | $ | 7.1 | $ | 28.3 | $ | 28.3 | $ | 28.3 | $ | 30.8 | 31.8 | ||||||||||||
Interest expense on attributable to rentals | — | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | |||||||||||||||||
Total fixed charges [2] | 7.1 | 28.5 | 28.5 | 28.5 | 31.1 | 32.2 | |||||||||||||||||
Interest credited on policyholder contract balances | 26.1 | 135.3 | 152.1 | 138.0 | 123.7 | 116.5 | |||||||||||||||||
Total fixed charges, including interest credited to policyholders | $ | 33.2 | $ | 163.8 | $ | 180.6 | $ | 166.5 | $ | 154.8 | 148.7 | ||||||||||||
Income (loss) from continuing operations before income taxes, equity in undistributed earnings of limited partnership and other investments and fixed charges | $ | (42.7 | ) | $ | (0.9 | ) | $ | 11.7 | $ | 247.7 | $ | 2.1 | $ | 131.8 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends | (1.3 | ) | — | 0.1 | 1.5 | — | 0.9 | ||||||||||||||||
Additional earnings required to achieve 1:1 ratio coverage | $ | 75.9 | $ | 164.7 | $ | 168.9 | $ | — | $ | 152.7 | $ | 16.9 | |||||||||||
SUPPLEMENTAL RATIO [3] --- Ratio of earnings to fixed charges and preferred stock dividends exclusive of interest credited on policyholder contract balances: | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in undistributed earnings of limited partnership and other investments | $ | (75.9 | ) | $ | (164.7 | ) | $ | (168.9 | ) | $ | 81.2 | $ | (152.7 | ) | $ | (16.9 | ) | ||||||
Fixed Charges: | |||||||||||||||||||||||
Total fixed charges, as above | $ | 7.1 | $ | 28.5 | $ | 28.5 | $ | 28.5 | $ | 31.1 | $ | 32.2 | |||||||||||
Income (loss) from continuing operations before income taxes, equity in undistributed earnings of limited partnership and other investments and fixed charges | $ | (68.8 | ) | $ | (136.2 | ) | $ | (140.4 | ) | $ | 109.7 | $ | (121.6 | ) | $ | 15.3 | |||||||
Ratio of earnings to fixed charges and preferred stock dividends | (9.7 | ) | (4.8 | ) | (4.9 | ) | 3.8 | (3.9 | ) | 0.5 | |||||||||||||
Additional earnings required to achieve 1:1 ratio coverage | $ | 75.9 | $ | 164.7 | $ | 168.9 | $ | — | $ | 152.7 | $ | 16.9 | |||||||||||
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[1] | We had no dividends on preferred stock for the three months ended March 31, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011. |
[2] | Total fixed charges consist of interest expense on indebtedness and an interest factor attributable to rentals. The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents. |
[3] | This ratio is disclosed for the convenience of investors and may be more comparable to the ratios disclosed by other issuers of fixed income securities. |