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As Of Filer Filing For·On·As Docs:Size Issuer Agent 3/15/04 Pmi Group Inc 10-K 12/31/03 16:4.4M RR Donnelley/FA |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 2.40M
3: EX-10.29 Purchase Contract Agreement HTML 645K
4: EX-10.30 Indenture Between the Pmi Group and the Bank of HTML 455K
New York
5: EX-10.31 Supplemental Indenture No. 1 HTML 105K
6: EX-10.32 Pledge Agreement HTML 256K
7: EX-10.33 Remarketing Agreement HTML 100K
8: EX-10.37 Form of Performance Share Agreement HTML 24K
2: EX-10.8 Amended Cmg Shareholders Agreement HTML 138K
9: EX-11.1 Statement Re: Computation of Net Income Per Share HTML 18K
10: EX-12.1 Statement Re: Computation of Ratio of Profit to HTML 38K
Fixed Charges
11: EX-21.1 Subsidiaries of the Registrant HTML 15K
12: EX-23.1 Independent Auditors' Consent HTML 14K
13: EX-31.1 Certification of CEO HTML 13K
14: EX-31.2 Certification of CFO HTML 13K
15: EX-32.1 Certification of CEO HTML 9K
16: EX-32.2 Certification of CFO HTML 9K
| Statement re: computation of ratio of profit to fixed charges |
EXHIBIT 12.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, |
||||||||||||||||||||
| 2003 |
2002 |
2001 |
2000 |
1999 |
||||||||||||||||
| (Dollars in thousands, except for ratios) | ||||||||||||||||||||
| Earnings |
||||||||||||||||||||
| Income from continuing operations before income taxes (1) |
$ | 393,122 | $ | 450,162 | $ | 432,272 | $ | 364,348 | $ | 277,556 | ||||||||||
| Less: Equity in earnings from unconsolidated subsidiaries |
(4,597 | ) | (44,225 | ) | (18,788 | ) | (11,880 | ) | (7,061 | ) | ||||||||||
| Add: Equity earnings from unconsolidated subsidiaries with greater than 50% ownership |
(31,096 | ) | 23,371 | — | — | — | ||||||||||||||
| Add: Distributed earnings of subsidiaries with less than 50% ownership |
157 | 5,798 | — | — | — | |||||||||||||||
| Fixed charges |
40,414 | 30,598 | 27,172 | 22,426 | 19,774 | |||||||||||||||
| Total earnings |
$ | 398,000 | $ | 465,705 | $ | 440,657 | $ | 374,894 | $ | 290,269 | ||||||||||
| Fixed charges |
||||||||||||||||||||
| Interest expense |
$ | 20,815 | $ | 17,654 | $ | 15,218 | $ | 10,361 | 8,705 | |||||||||||
| Interest expense of unconsolidated subsidiaries with greater than 50% ownership |
12,389 | 5,493 | — | — | — | |||||||||||||||
| Distributions on manditorily redeemable preferred securities |
3,676 | 4,030 | 7,604 | 8,309 | 8,309 | |||||||||||||||
| Interest component of rent expense (2) |
3,534 | 3,422 | 4,351 | 3,756 | 2,760 | |||||||||||||||
| Total fixed charges |
$ | 40,414 | $ | 30,599 | $ | 27,172 | $ | 22,426 | $ | 19,774 | ||||||||||
| Ratio of earnings to fixed charges |
9.85 | 15.22 | 16.22 | 16.72 | 14.68 | |||||||||||||||
| (1) | In October 2003, the Company announced that it had reached a definitive agreement to sell APTIC. Following the announcement, the Company began reporting APTIC's results as discontinued operations in the Consolidated Statements of Operations. The calculation of of the ratio of earnings to fixed charges excludes discontinued operations. Prior periods have been restated to conform to the 2003 presentation. |
| (2) | Represents an estimated interest factor. |
1
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 3/15/04 | 4 | ||
| For Period End: | 12/31/03 | 10-K/A, 11-K, 5, 5/A | ||
| List all Filings | ||||