EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In Thousands)
Years ended December 31	2011		2010	2009		2008		2007
Earnings:
Income before income taxes	(12,715	)	58,383	(28,706	)	(33,136	)	159,334
Add: fixed charges	44,022		43,889	42,494		40,994		44,046
Total earnings	31,307		102,272	13,788		7,858		203,380
Fixed Charges:
Interest on policyholders' accounts	42,988		42,988	41,652		40,177		43,089
Portion of rent representative of interest factor	1,034		901	842		817		957
Total fixed charges	44,022		43,889	42,494		40,994		44,046
Preferred stock dividend requirement	—		—	—		—		—
Combined fixed charges and preferred stock dividend requirements	44,022		43,889	42,494		40,994		44,046
Ratio of earnings to fixed charges	0.71		2.33	0.32		0.19		4.62
Ratio of earnings to combined fixed charges and preferred stock dividend requirements	0.71		2.33	0.32		0.19		4.62