EX-12.1 12 fbl093799_ex12-1.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES INCLUDING INTE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES INCLUDING INTEREST CREDITED

Exhibit 12.1

FBL Financial Group, Inc.
Exhibit 12.1 – Statement Re: Computation of Ratios
Ratio of Earnings to Fixed Charges Including Interest Credited and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six
months
ended June
30,

 

For the year ended December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(Dollars in thousands)

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

33,401

 

$

(31,878

)

$

125,806

 

$

133,488

 

$

108,563

 

$

92,492

 

Less: Minority interest

 

 

92

 

 

71

 

 

49

 

 

(126

)

 

(159

)

 

(105

)

 

Add: Distributed income from equity investees

 

 

166

 

 

337

 

 

438

 

 

2,021

 

 

1,107

 

 

2,035

 

 

 

 

33,659

 

 

(31,470

)

 

126,293

 

 

135,383

 

 

109,511

 

 

94,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

180,893

 

 

353,209

 

 

422,951

 

 

296,074

 

 

253,607

 

 

286,154

 

Less: Capitalized bonus interest

 

 

(2,684

)

 

(7,095

)

 

(9,636

)

 

(3,886

)

 

(1,233

)

 

(48,951

)

Less: Tax gross up on preferred stock

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(805

)

 

(766

)

Add: Amortization of capitalized interest

 

 

5,319

 

 

4,141

 

 

6,255

 

 

5,985

 

 

5,461

 

 

6,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

217,187

 

$

318,785

 

$

545,863

 

$

433,556

 

$

366,541

 

$

337,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest credited to contract holders

 

$

163,927

 

$

325,313

 

$

395,392

 

$

279,257

 

$

236,561

 

$

223,543

 

Capitalized bonus interest credited to contract holders

 

 

2,684

 

 

7,095

 

 

9,636

 

 

3,886

 

 

1,233

 

 

48,951

 

 

Interest expense on debt

 

 

13,048

 

 

19,567

 

 

16,666

 

 

11,744

 

 

13,590

 

 

11,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax gross up on preferred stock

 

 

—

 

 

—

 

 

—

 

 

—

 

 

805

 

 

766

 

Estimate of interest within rent expense

 

 

1,234

 

 

1,234

 

 

1,257

 

 

1,187

 

 

1,418

 

 

1,497

 

Total fixed charges

 

$

180,893

 

$

353,209

 

$

422,951

 

$

296,074

 

$

253,607

 

$

286,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.20

 

 

0.90

 

 

1.29

 

 

1.46

 

 

1.45

 

 

1.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

 

1.20

 

 

0.90

 

 

1.29

 

 

1.46

 

 

1.44

 

 

1.18

 

Earnings deficiency

 

 

—

 

 

(34,424

)

 

—

 

 

—

 

 

—

 

 

—