EX-12 3 0003.txt RATIO OF EARNINGS EXHIBIT 12.0 AFLAC INCORPORATED AND SUBSIDIARIES Ratio of Earnings to Fixed Charges (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 -------- -------- -------- -------- Fixed charges: Interest expense $ 4,772 $ 4,576 $ 9,638 $ 8,184 Rental expense deemed interest 142 124 275 244 ------- ------- ------- ------- Total fixed charges $ 4,914 $ 4,700 $ 9,913 $ 8,428 ======= ======= ======= ======= Earnings before income tax $259,410 $196,694 $502,675 $399,591 Add back: Fixed charges 4,914 4,700 9,913 8,428 ------- ------- ------- ------- Total earnings before income tax and fixed charges 264,324 201,394 512,588 408,019 Adjustments: Realized (gains)/losses 91,352 4,729 93,808 9,319 Release of retirement liability (101,225) - (101,225) - ------- ------- ------- ------- Total earnings before income tax and fixed charges as adjusted $254,451 $206,123 $505,171 $417,338 ======= ======= ======= ======= Earnings before income taxes and fixed charges 53.8x 42.8x 51.7x 48.4x Earnings before income taxes and fixed charges, as adjusted 51.8x 43.9x 51.0x 49.5x