EX-12 4 q302exh12.htm RATIO OF EARNINGS COMPUTATIONS EXHIBIT 12

EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Three Months Ended March 31,

(In thousands)

2002   

 

2001   

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

Interest expense

$

4,420

 

$

5,106

 

 

 

Rental expense deemed interest

 

133

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

$

4,553

 

$

5,224

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

$

284,950

 

$

274,201

 

 

Add back:

 

 

 

 

 

 

 

 

Fixed charges

 

4,553

 

 

5,224

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before income taxes

 

 

 

 

 

 

 

 

 

    and fixed charges

 

289,503

 

 

279,425

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Realized (gains)/losses on investments

 

7,690

 

 

1,385

 

 

 

Change in fair value of the interest rate

 

 

 

 

 

 

 

 

    component of the cross-currency swaps

 

4,410

 

 

(2,783

)

 

 

 

 

 

 

 

 

 

 

 

 

Total adjustments

 

12,100

 

 

(1,398

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before income taxes,

 

 

 

 

 

 

 

 

 

    fixed charges and adjustments

$

301,603

 

$

278,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Earnings before income taxes

 

 

 

 

 

 

 

 

 

        and fixed charges

 

63.6x

 

 

53.5x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Earnings before income taxes,

 

 

 

 

 

 

 

 

 

        fixed charges and adjustments

 

66.2x

 

 

53.2x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 








EXH 12-1