EX-12 3 q601exh12.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12 EXH 12 AFLAC INCORPORATED AND SUBSIDIARIES Ratio of Earnings to Fixed Charges (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2001 2000 2001 2000 -------- -------- -------- -------- Fixed charges: Interest expense $ 4,616 $ 4,772 $ 9,722 $ 9,638 Rental expense deemed interest 103 142 221 275 ------- ------- ------- ------- Total fixed charges $ 4,719 $ 4,914 $ 9,943 $ 9,913 ======= ======= ======= ======= Earnings before income tax $248,877 $259,410 $523,078 $502,675 Add back: Fixed charges 4,719 4,914 9,943 9,913 ------- ------- ------- ------- Total earnings before income tax and fixed charges 253,596 264,324 533,021 512,588 Adjustments: Realized (gains)/losses 3,570 91,352 4,955 93,808 Release of retirement liability - (101,225) - (101,225) Change in fair value of the interest component of cross-currency swaps 21,302 - 18,519 - ------- ------- ------- ------- Total earnings before income tax and fixed charges, as adjusted $278,468 $254,451 $556,495 $505,171 ======= ======= ======= ======= Earnings before income taxes and fixed charges 53.7x 53.8x 53.6x 51.7x Earnings before income taxes and fixed charges, as adjusted 59.0x 51.8x 56.0x 51.0x EXH 12-1