EX-12.1 2 a05-20229_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

 

Statement re: Computation of Ratio of Earnings to Fixed Charges

 

 

 

Year Ended December 31,

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

(Restated)

 

(Restated)

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Consolidated income before taxes, minority interest in earnings of subsidiaries and cumulative effect adjustment (a)

 

$

69,481

 

$

39,308

 

$

28,951

 

$

9,453

 

$

14,618

 

Interest credited to account balances

 

305,762

 

248,075

 

183,503

 

100,125

 

57,312

 

Interest expense on General Agency Commission and Servicing Agreement (a)

 

—

 

—

 

3,596

 

5,716

 

5,958

 

Interest expense on notes payable (a)

 

2,358

 

2,713

 

1,901

 

2,881

 

2,339

 

Interest expense on subordinated debt (a)

 

9,609

 

7,661

 

—

 

—

 

—

 

Interest expense on amounts due under repurchase agreements and other interest expense

 

3,148

 

1,278

 

1,777

 

1,504

 

3,267

 

Interest portion of rental expense

 

344

 

314

 

267

 

171

 

192

 

Consolidated earnings

 

$

390,702

 

$

299,349

 

$

219,995

 

$

119,850

 

$

83,686

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest credited to account balances

 

305,762

 

248,075

 

183,503

 

100,125

 

57,312

 

Interest expense on General Agency Commission and Servicing Agreement (a)

 

—

 

—

 

3,596

 

5,716

 

5,958

 

Interest expense on notes payable (a)

 

2,358

 

2,713

 

1,901

 

2,881

 

2,339

 

Interest expense on subordinated debt (a)

 

9,609

 

7,661

 

—

 

—

 

—

 

Interest expense on amounts due under repurchase agreements and other interest expense

 

3,148

 

1,278

 

1,777

 

1,504

 

3,267

 

Interest portion of rental expense

 

344

 

314

 

267

 

171

 

192

 

Combined fixed charges

 

$

321,221

 

$

260,041

 

$

191,044

 

$

110,397

 

$

69,068

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of consolidated earnings to fixed charges

 

1.2

 

1.2

 

1.2

 

1.1

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of consolidated earnings to fixed charges excluding interest credited to account balances

 

5.5

 

4.3

 

4.8

 

1.9

 

2.2

 

 

(a)                                On December 31, 2003, retroactive to January 1, 2003, we adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 45 (“FIN 45”), Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51.  During the first quarter of 2005, retroactive to January 1, 2003, we adopted FASB Staff Position No. FIN 46(R)-5 “Implicit Variable Interests under FIN 46”.  See notes 1 and 2 to our audited consolidated financial statements for December 31, 2004.