EX-12 15 a2148193zex-12.htm EX-12
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Exhibit 12

Protective Life Corporation

 
   Nine Months Ended
September 30
   Year Ended December 31
 
   2004
   2003
   2003
   2002
   2001
   2000
   1999
Computation of Ratio of Consolidated Earnings to Fixed Charges                                          
Income from Continuing Operations before Income Tax   $ 297,035   $ 224,123   $ 325,412   $ 265,043   $ 209,596   $ 211,675   $ 200,677
Add Interest Expense on Debt and Subordinated Debt Securities1     36,731     32,536     43,620     40,658     39,287     34,152     32,140
Add Imputed interest on operating leases     2,023     2,751     2,697     3,667     2,900     2,885     2,264
Add Interest Credited on Investment Products     480,789     494,054     647,695     900,930     944,098     766,004     331,746
   
 
 
 
 
 
 
Earnings before Interest, Interest Credited on Investment Products and Taxes   $ 816,578   $ 753,464   $ 1,019,424   $ 1,210,298   $ 1,195,881   $ 1,014,716   $ 566,827
Interest Expense on Debt and Subordinated Debt Securities1     36,731     32,536     43,620     40,658     39,287     34,152     32,140
Add Imputed interest on operating leases     2,023     2,751     2,697     3,667     2,900     2,885     2,264
Add Interest Credited on Investment Products     480,789     494,054     647,695     900,930     944,098     766,004     331,746
   
 
 
 
 
 
 
Interest Expense, Imputed Interest on Operating Leases and Interest Credited on Investment Products   $ 519,543   $ 529,341   $ 694,012   $ 945,255   $ 986,285   $ 803,041   $ 366,150
Earnings before Interest, Interest Credited on Investment Products and Taxes Divided by Interest Expense, Imputed Interest on Operating Leases and Interest Credited on Investment Products     1.6     1.4     1.5     1.3     1.2     1.3     1.5
Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products                                          
Income from Continuing Operations before Income Tax   $ 297,035   $ 224,123   $ 325,412   $ 265,043   $ 209,596   $ 211,675   $ 200,677
Add Interest Expense on Debt and Subordinated Debt Securities1     36,731     32,536     43,620     40,658     39,287     34,152     32,140
Add Imputed interest on operating leases     2,023     2,751     2,697     3,667     2,900     2,885     2,264
   
 
 
 
 
 
 
Earnings before Interest and Taxes   $ 335,789   $ 259,410   $ 371,729   $ 309,368   $ 251,783   $ 248,712   $ 235,081
Interest Expense on Debt and Subordinated Debt Securities1     36,731     32,536     43,620     40,658     39,287     34,152     32,140
Add Imputed interest on operating leases     2,023     2,751     2,697     3,667     2,900     2,885     2,264
   
 
 
 
 
 
 
Interest Expense and Imputed Interest on Operating Leases   $ 38,754   $ 35,287   $ 46,317   $ 44,325   $ 42,187   $ 37,037   $ 34,404
Earnings before Interest and Taxes Divided by Interest Expense and Imputed Interest on Operating Leases     8.7     7.4     8.0     7.0     6.0     6.7     6.8
1
Subordinated Debt Securities consist of 9% Subordinated Debentures redeemed in 1999, 6.5% Subordinated Debentures redeemed in 2001, 8.25% Subordinated Debentures redeemed in 2002, 7.5% Subordinated Debentures issued in 2001, 7.25% Subordinated Debentures issued in 2002, and 6.125% Subordinated Debentures issued in 2004. Distributions on the Subordinated Debentures was $16,508, $11,878, $15,838, $14,770, $8,882, $13,662, and $16,137 for the nine months ended 9/30/2004, and 9/30/2003, and the years ended 2003, 2002, 2001, 2000, and 1999, respectively.



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