EX-12 6 exhibit12.htm

EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

2007

 

2006

 

2005

 

2004

 

2003

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

159,334 

 

$

125,492 

 

$

6,556 

 

$

114,809 

 

$

79,898 

 

Add: fixed charges

 

 

44,046 

 

 

50,102 

 

 

55,639 

 

 

56,837 

 

 

56,858 

 

Total earnings

 

$

203,380 

 

$

175,594 

 

$

62,195 

 

$

171,646 

 

$

136,756 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on policyholders' accounts

 

$

43,089 

 

$

49,159 

 

$

54,727 

 

$

56,386 

 

$

56,459 

 

Portion of rent representative of interest factor

 

 

957 

 

 

943 

 

 

912 

 

 

451 

 

 

399 

 

Total fixed charges

 

$

44,046 

 

$

50,102 

 

$

55,639 

 

$

56,837 

 

$

56,858 

 

Preferred stock dividend requirement

 

$

— 

 

$

— 

 

$

906 

 

$

4,399 

 

$

4,399 

 

Combined fixed charges and preferred stock dividend requirements

 

$

44,046 

 

$

50,102 

 

$

56,545 

 

$

61,236 

 

$

61,257 

 

Ratio of earnings to fixed charges

 

 

4.62 

 

 

3.50 

 

 

1.12 

 

 

3.02 

 

 

2.41 

 

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

 

 

4.62 

 

 

3.50 

 

 

1.10 

 

 

2.80 

 

 

2.23