EX-12 3 exhibit12123114.htm EXHIBIT 12. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12 12.31.14


EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In Thousands)
 
 
 
 
 
Years ended December 31
2014
2013
2012
2011
2010
Earnings
 
 
 
 
 
Income (loss) before income taxes
$
76,463

$
101,902

$
46,074

$
(12,715
)
$
58,383

Add: fixed charges
31,653

36,467

42,612

43,868

43,889

Total earnings
$
108,116

$
138,369

$
88,686

$
31,153

$
102,272

Fixed charges
 
 
 
 
 
Interest on policyholders’ accounts
$
30,245

$
35,163

$
41,409

$
42,834

$
42,988

Portion of rent representative of interest factor
1,408

1,304

1,203

1,034

901

Total fixed charges
$
31,653

$
36,467

$
42,612

$
43,868

$
43,889

Ratio of earnings to fixed charges
3.42

3.79

2.08

0.71

2.33