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Ex 12.01
Computation of Ratios
Exhibit 12.01
SUMMIT SECURITIES, INC.
COMPUTATION OF RATION OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The ratio of adjusted earnings to fixed charges and preferred stock
dividends was computed using the following tabulations to compute adjusted
earnings and the defined fixed charges and preferred stock dividends.
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Six Months Ended March 31, Year Ended September 30
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2000 1999 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Net income $3,361,490 $1,430,383 $2,814,828 $2,524,027 $1,851,240 $1,244,522 $ 587,559
Add:
Interest 3,289,924 2,729,963 5,856,249 4,778,443 4,325,528 3,741,095 3,251,334
Taxes (benefit) on income 1,552,732 256,824 529,430 544,034 126,905 237,951 239,707
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Adjusted earnings $8,204,146 $4,417,170 $9,200,507 $7,846,504 $6,303,673 $5,223,568 $4,078,600
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Preferred stock dividend
requirements $ 898,101 $ 303,071 $ 838,356 $ 498,533 $ 446,560 $ 333,606 $ 309,061
Ratio factor of income after
provision for income taxes
to income before provision
for income taxes 68% 85% 84% 82% 94% 84% 71%
Preferred stock dividend
factor on pretax basis 1,312,950 357,847 996,027 605,971 477,196 397,387 435,297
Fixed charges
Interest 3,289,924 2,729,963 5,856,249 4,778,443 4,325,528 3,741,095 3,251,334
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Fixed charges and preferred
stock dividends $4,602,874 $3,087,450 $6,852,276 $5,384,414 $4,802,724 $4,138,482 $3,686,631
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Ratio of adjusted earnings
to fixed charges and
preferred stock dividends 1.78 1.43 1.34 1.46 1.31 1.26 1.11
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