EX-12 12 ex122011.htm EXHIBIT 12 Ex 12 2011


FBL Financial Group, Inc.
Exhibit 12-Statement Re: Computation of Ratios
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
 
 
2011
 
2010 (1)
 
2009 (1)
 
2008 (1)
 
2007 (1)
 
 
(Dollars in thousands)
Earnings
 
 
 
 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
74,519

 
$
122,212

 
$
73,719

 
$
(1,121
)
 
$
96,625

Less: Noncontrolling interest
 
(6
)
 
78

 
143

 
71

 
49

Add: Distributed income from equity investees
 
155

 
1,002

 
331

 
337

 
438

 
 
74,668

 
123,292

 
74,193

 
(713
)
 
97,112

 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2)
 
473,768

 
466,041

 
370,229

 
353,209

 
422,951

Less: Capitalized bonus interest
 
(802
)
 
(463
)
 
(4,219
)
 
(7,095
)
 
(9,636
)
Add: Amortization of capitalized interest
 
2,502

 
3,655

 
10,847

 
4,141

 
6,255

 
 
 
 
 
 
 
 
 
 
 
Total earnings
 
$
550,136

 
$
592,525

 
$
451,050

 
$
349,542

 
$
516,682

 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2)
 
 
 
 
 
 
 
 
 
 
Interest credited to contract holders
 
$
449,157

 
$
439,658

 
$
339,498

 
$
325,313

 
$
395,392

Capitalized bonus interest credited to contract holders
 
802

 
463

 
4,219

 
7,095

 
9,636

Interest expense on debt
 
22,350

 
24,454

 
25,280

 
19,567

 
16,666

Estimate of interest within rental expense
 
1,459

 
1,466

 
1,232

 
1,234

 
1,257

Total fixed charges
 
$
473,768

 
$
466,041

 
$
370,229

 
$
353,209

 
$
422,951

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.16

 
1.27

 
1.22

 
0.99

 
1.22

 
 
 
 
 
 
 
 
 
 
 
Earnings deficiency
 
$
—

 
$
—

 
$
—

 
$
(3,667
)
 
$
—


1. Certain prior-period information has been reclassified to conform to the current year's presentation.
2. Fixed charges include amounts related to discontinued operations.