EXHIBIT 12.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| (Dollars in Thousands) |
2004 |
2003 |
2002 |
2001 |
2000 | ||||||||||
| Earnings: |
|||||||||||||||
| Income before income taxes |
$ | 114,809 | $ | 79,898 | $ | 26,053 | $ | 28,630 | $ | 17,349 | |||||
| Add: fixed charges |
56,837 | 56,858 | 52,234 | 48,649 | 42,645 | ||||||||||
| Total earnings |
$ | 171,646 | $ | 136,756 | $ | 78,287 | $ | 77,279 | $ | 59,994 | |||||
| Fixed charges: |
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| Interest on policyholders’ accounts |
$ | 56,386 | $ | 56,459 | $ | 51,735 | $ | 48,213 | $ | 42,410 | |||||
| Portion of rents representative of interest factor |
451 | 399 | 499 | 436 | 235 | ||||||||||
| Total fixed charges |
$ | 56,837 | $ | 56,858 | $ | 52,234 | $ | 48,649 | $ | 42,645 | |||||
| Preferred stock dividend requirement |
$ | 4,399 | $ | 4,399 | $ | 4,410 | — | — | |||||||
| Combined fixed charges and preferred stock dividend requirements |
$ | 61,236 | $ | 61,257 | $ | 56,644 | $ | 48,649 | $ | 42,645 | |||||
| Ratio of earnings to fixed charges |
3.02 | 2.41 | 1.50 | 1.59 | 1.41 | ||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividend requirements |
2.80 | 2.23 | 1.38 | ||||||||||||
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