EX-12.1 2 a08-25312_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Exhibit 12.1 Ratio of Earnings to Fixed Charges

 

 

 

Nine Months
Ended
September 30,

 

Year Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

(Dollars in thousands)

 

Consolidated income before income taxes and minority interests

 

$

100,203

 

$

42,839

 

$

116,925

 

$

70,894

 

$

69,481

 

$

39,308

 

Interest credited to account balances and amortization of deferred sales inducements

 

188,225

 

571,917

 

429,062

 

311,479

 

309,034

 

248,075

 

Interest expense on notes payable

 

11,732

 

16,221

 

20,382

 

16,324

 

2,358

 

2,713

 

Interest expense on subordinated debentures

 

14,549

 

22,520

 

21,354

 

14,145

 

9,609

 

7,661

 

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

 

7,694

 

15,926

 

32,931

 

11,280

 

3,148

 

1,278

 

Interest portion of rental expense

 

339

 

468

 

431

 

388

 

344

 

314

 

Consolidated earnings

 

$

322,742

 

$

669,891

 

$

621,085

 

$

424,510

 

$

393,974

 

$

299,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest credited to account balances and amortization of deferred sales inducements

 

$

188,225

 

$

571,917

 

$

429,062

 

$

311,479

 

$

309,034

 

$

248,075

 

Interest expense on notes payable

 

11,732

 

16,221

 

20,382

 

16,324

 

2,358

 

2,713

 

Interest expense on subordinated debentures

 

14,549

 

22,520

 

21,354

 

14,145

 

9,609

 

7,661

 

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

 

7,694

 

15,926

 

32,931

 

11,280

 

3,148

 

1,278

 

Interest portion of rental expense

 

339

 

468

 

431

 

388

 

344

 

314

 

Combined fixed charges

 

$

222,539

 

$

627,052

 

$

504,160

 

$

353,616

 

$

324,493

 

$

260,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of consolidated earnings to fixed charges

 

1.5

 

1.1

 

1.2

 

1.2

 

1.2

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of consolidated earnings to fixed charges, both excluding interest credited to account balances and amortization of deferred sales inducements

 

3.9

 

1.8

 

2.6

 

2.7

 

5.5

 

4.3

 

 

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