EXHIBIT 12. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In Thousands)
Years ended December 31	2009			2008			2007		2006		2005
Earnings:
Income before income taxes	$	(28,706	)	$	(33,136	)	$	159,334	$	125,492	$	6,556
Add: fixed charges		42,494			40,994			44,046		50,102		55,639
Total earnings	$	13,788		$	7,858		$	203,380	$	175,594	$	62,195
Fixed charges:
Interest on policy holders’ accounts	$	41,652		$	40,177		$	43,089	$	49,159	$	54,727
Portion of rent representative of interest factor		842			817			957		943		912
Total fixed charges	$	42,494		$	40,994		$	44,046	$	50,102	$	55,639
Preferred stock dividend requirement		—			—			—		—		906
Combined fixed charges and preferred stock dividend requirements	$	42,494		$	40,994		$	44,046	$	50,102	$	56,545
Ratio of earnings to fixed charges		0.32			0.19			4.62		3.50		1.12
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		0.32			0.19			4.62		3.50		1.10