EX-12.1 7 ex12-1.txt Ratio of Earnings to Fixed Charges ----------------------------------
Nine months ended September 30, Year ended ---------------------------------------------------------------------------------------- 2003 2002 2002 2001 2000 1999 ---------------------------------------------------------------------------------------- $'000 $'000 $'000 $'000 $'000 $'000 Net income before taxes, discontinued operations and cumulative effect of change in accounting principle 10,523 20,273 31,341 17,304 15,922 8,833 Interest expense 5,533 593 1,414 1,405 - - ---------------------------------------------------------------------------------------- 16,056 20,866 32,755 18,709 15,922 8,833 Interest credited to interest sensitive contract liabilities 66,061 33,543 48,140 17,578 17,390 5,549 ---------------------------------------------------------------------------------------- Adjusted net income 82,117 54,409 80,895 36,287 33,312 14,382 ======================================================================================== Fixed Charges Interest expense 5,533 593 1,414 1,405 - - Interest credited to interest sensitive contract liabilities 66,061 33,543 48,140 17,578 17,390 5,549 ---------------------------------------------------------------------------------------- Total fixed charges 71,594 34,136 49,554 18,983 17,390 5,549 ======================================================================================== Ratio of earnings to fixed charges (1) 1.1 1.6 1.6 1.9 1.9 2.6 Ratio of earnings to fixed charges excluding interest credited on interest sensitive contract liabilities(2) 2.9 35.2 23.2 13.3 N/A N/A
(1) For purposes of determining this ratio, earnings consists of net income before income taxes and cumulative effect of changes in accounting principle. Fixed charges consist of interest and debt expense on long term debt and borrowings and interest on interest sensitive contract liabilities. (2) This ratio is calculated in the same way as the ratio of earnings to fixed charges, except that fixed charges do not include interest on interest sensitive contract liabilities. This ratio is not required but is provided as additional information. It provides additional information on the coverage of fixed charges that are not related to our products and is commonly used by individuals who analyze our financial statements.