EX-12.2 4 fbl095835_ex12-2.htm STATEMENT RE: COMPUTATION OF RATIO TO FIXED CHARGES EXCLUDING INTEREST CREDITED COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXCLUDING INTEREST CREDITED

Exhibit 12.2

FBL Financial Group, Inc.
Exhibit 12.2 – Statement Re: Computation of Ratios
Ratio of Earnings to Fixed Charges Excluding Interest Credited and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine
months
ended September
30,

 

For the year ended December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(Dollars in thousands)

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

56,945

 

$

(31,878

)

$

125,806

 

$

133,488

 

$

108,563

 

$

92,492

 

Less: Minority interest

 

 

125

 

 

71

 

 

49

 

 

(126

)

 

(159

)

 

(105

)

 

Add: Distributed income from equity investees

 

 

248

 

 

337

 

 

438

 

 

2,021

 

 

1,107

 

 

2,035

 

 

 

 

57,318

 

 

(31,470

)

 

126,293

 

 

135,383

 

 

109,511

 

 

94,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

20,398

 

 

20,801

 

 

17,923

 

 

12,931

 

 

15,813

 

 

13,660

 

Less: Capitalized bonus interest

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Less: Tax gross up on preferred stock

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(805

)

 

(766

)

Add: Amortization of capitalized interest

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

77,716

 

$

(10,669

)

$

144,216

 

$

148,314

 

$

124,519

 

$

107,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest credited to contract holders

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Capitalized bonus interest credited to contract holders

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Interest expense on debt

 

 

19,164

 

 

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

 

$

20,398

 

$

20,801

 

$

17,923

 

$

12,931

 

$

15,813

 

$

13,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.81

 

 

(0.51

)

 

8.05

 

 

11.47

 

 

7.87

 

 

7.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

 

3.79

 

 

(0.51

)

 

7.98

 

 

11.34

 

 

7.80

 

 

7.77

 

Earnings deficiency

 

 

—

 

 

(31,470

)

 

—

 

 

—

 

 

—

 

 

—