ASSURED GUARANTY LTD.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions of U.S. dollars except for ratio amounts)
| |
2004 | 2005 | 2006 | 2007 | 2008 | Three Months Ended March 31, 2009 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Income (loss) before income taxes |
$ | 233.3 | $ | 229.6 | $ | 190.0 | $ | (463.0 | ) | $ | 112.3 | $ | 100.1 | |||||||
Fixed charges |
11.8 | 14.5 | 14.8 | 24.7 | 25.2 | 6.6 | ||||||||||||||
Income (loss) as adjusted |
245.1 | 244.1 | 204.8 | (438.3 | ) | 137.5 | 106.7 | |||||||||||||
Fixed charges: |
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Interest expensed |
10.7 | 13.5 | 13.8 | 23.5 | 23.3 | 5.8 | ||||||||||||||
Portion of rents representative of the interest factor |
1.1 | 1.0 | 1.0 | 1.2 | 1.9 | 0.8 | ||||||||||||||
Total fixed charges |
11.8 | 14.5 | 14.8 | 24.7 | 25.2 | 6.6 | ||||||||||||||
Ratio of earnings to fixed charges |
20.85 | 16.83 | 13.84 | (17.74 | ) | 5.46 | 16.17 | |||||||||||||