EX-12.1 7 a06-9193_1ex12d1.htm EX-12

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

 

 

 

Three Months
Ended
March 31, 2006

 


Year Ended December 31,

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

(Dollars in thousands)

 

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

 

$

6,149

 

$

70,894

 

$

69,481

 

$

39,308

 

$

28,951

 

$

9,453

 

Interest credited to account balances

 

92,546

 

311,479

 

309,034

 

248,075

 

183,503

 

100,125

 

Interest expense on General Agency Commission and Servicing Agreement

 

—

 

—

 

—

 

—

 

3,596

 

5,716

 

Interest expense on notes payable

 

7,286

 

16,324

 

2,358

 

2,713

 

1,901

 

2,881

 

Interest expense on subordinated debentures

 

4,918

 

14,145

 

9,609

 

7,661

 

—

 

—

 

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

 

5,799

 

11,280

 

3,148

 

1,278

 

1,777

 

1,504

 

Interest portion of rental expense

 

94

 

388

 

344

 

314

 

267

 

171

 

Consolidated earnings

 

$

116,792

 

$

424,510

 

$

393,974

 

$

299,349

 

$

219,995

 

$

119,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest credited to account balances

 

92,546

 

311,479

 

309,034

 

248,075

 

183,503

 

100,125

 

Interest expense on General Agency Commission and Servicing Agreement

 

—

 

—

 

—

 

—

 

3,596

 

5,716

 

Interest expense on notes payable

 

7,286

 

16,324

 

2,358

 

2,713

 

1,901

 

2,881

 

Interest expense on subordinated debentures

 

4,918

 

14,145

 

9,609

 

7,661

 

—

 

—

 

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

 

5,799

 

11,280

 

3,148

 

1,278

 

1,777

 

1,504

 

Interest portion of rental expense

 

94

 

388

 

344

 

314

 

267

 

171

 

Combined fixed charges

 

$

110,643

 

$

353,616

 

$

324,493

 

$

260,041

 

$

191,044

 

$

110,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of consolidated earnings to fixed charges

 

1.1

 

1.2

 

1.2

 

1.2

 

1.2

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1.3

 

2.7

 

5.5

 

4.3

 

4.8

 

1.9

 

 

On December 31, 2003, retroactive to January 1, 2003, we adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 46 (“FIN 46”), 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 included in our Annual Report on Form 10-K for the year ended December 31, 2005.

 

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