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Financial Security Assurance Holdings Ltd. Computation of the Ratio of Earnings to Fixed Charges (In Thousands Except for Ratios) the Information Appearing Below Presents Historical Consolidated Financial Results for the Company <table> <caption> Nine Months Ended Year Ended December 31 September 30, <s> <c> <c> <c> <c> <c> <c> <c> 1993 1994 1995 1996 1997 1997 1998 Earnings: Income Before Income Taxes................ $ (163,866) $ 78,290 $ 75,042 $ 109,771 $ 138,499 $ 100,220 $ 116,747 Interest Expense.......................... 532 536 57 2,166 5,325 2,917 7,250 Portion of Rental Expense Deemed to Be Interest (1)............................ 1,070 1,024 1,030 1,042 1,077 801 857 Earnings.............................. $ (162,264) $ 79,850 $ 76,129 $ 112,979 $ 144,901 $ 103,938 $ 124,854 =========== ========= ========= ========== ========= ========= ========= Fixed Charges: Interest Expense.......................... $ 532 $ 536 $ 57 $ 2,166 $ 5,325 $ 2,917 $ 7,250 Portion of Rental Expense Deemed to Be Interest (1)............................ 1,070 1,024 1,030 1,042 1,077 801 857 Fixed Charges......................... $ 1,602 $ 1,560 $ 1,087 $ 3,208 $ 6,402 $ 3,718 $ 8,107 =========== ========= ========= ========== ========= ========= ========= Ratio of Earnings to Fixed Charges.......... (2) N/M 51.2 70.0 35.2 22.6 28.0 15.4 </Table> (1) One Third of Rental Expense Is Estimated to Be Representative of the Interest Factor. (2) the 1993 Earnings to Fixed Charges Ratio Is Not Meaningful Due to the Significant Loss Incurred in That Year
