Exhibit 12.1
MGIC INVESTMENT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except for ratio data)
Year ended December 31,
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Loss before taxes and equity investees |
| $ | (928,644 | ) | $ | (484,299 | ) | $ | (359,400 | ) | $ | (1,765,053 | ) | $ | (947,639 | ) |
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Distributions from equity investees |
| — |
| — |
| — |
| — |
| 22,204 |
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Net loss |
| (928,644 | ) | (484,299 | ) | (359,400 | ) | (1,765,053 | ) | (925,435 | ) | |||||
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Fixed charges: |
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Interest expense |
| 59,526 |
| 69,135 |
| 70,621 |
| 65,485 |
| 65,659 |
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Amortization of debt expense |
| 39,818 |
| 34,136 |
| 27,968 |
| 23,781 |
| 15,415 |
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Rent expense (1/4 for 2012-2010, 1/3 for 2009-2008) (reasonable approximation of the interest factor) |
| 2,224 |
| 2,429 |
| 2,566 |
| 3,531 |
| 4,074 |
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Total fixed charges |
| 101,568 |
| 105,700 |
| 101,155 |
| 92,797 |
| 85,148 |
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Net loss and fixed charges |
| $ | (827,076 | ) | $ | (378,599 | ) | $ | (258,245 | ) | $ | (1,672,256 | ) | $ | (840,287 | ) |
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Ratio of net loss and fixed charges to fixed charges |
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| (1) |
| (1) |
| (1) |
| (1) |
| (1) |
(1) Total earnings were insufficient to cover fixed charges by $928.6 million, $484.3 million, $359.4 million, $1.8 billion and $925.4 million in 2012, 2011, 2010, 2009 and 2008 respectively. Total losses included net losses incurred of $2.1 billion, $1.7 billion, $1.6 billion, $3.4 billion and $3.1 billion in 2012, 2011, 2010, 2009 and 2008 respectively.