EX-12 6 exhibit12.htm

EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

2006

 

2005

 

2004

 

2003

 

2002

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

125,492

 

$

6,556

 

$

114,809

 

$

79,898

 

$

26,053

 

Add: fixed charges

 

 

50,102

 

 

55,639

 

 

56,837

 

 

56,858

 

 

52,234

 

Total earnings

 

$

175,594

 

$

62,195

 

$

171,646

 

$

136,756

 

$

78,287

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on policyholders' accounts

 

$

49,159

 

$

54,727

 

$

56,386

 

$

56,459

 

$

51,735

 

Portion of rent representative of interest factor

 

 

943

 

 

912

 

 

451

 

 

399

 

 

499

 

Total fixed charges

 

$

50,102

 

$

55,639

 

$

56,837

 

$

56,858

 

$

52,234

 

Preferred stock dividend requirement

 

$

—

 

$

906

 

$

4,399

 

$

4,399

 

$

4,410

 

Combined fixed charges and preferred stock dividend requirements

 

$

50,102

 

$

56,545

 

$

61,236

 

$

61,257

 

$

56,644

 

Ratio of earnings to fixed charges

 

 

3.50

 

 

1.12

 

 

3.02

 

 

2.41

 

 

1.50

 

Ratio of earnings to combined fixed charges and preferred stock dividend requirements

 

 

3.50

 

 

1.10

 

 

2.80

 

 

2.23

 

 

1.38