EX-12.01 7 c81515a1exv12w01.txt STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS . . . EXHIBIT 12.01 PRINCIPAL FINANCIAL GROUP, INC. COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
For the Nine Months Ended For the September 30, Year Ended December 31, -------------------- ------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- -------- -------- ($ in millions) 1. Income from continuing operations before income taxes ............ $ 741.9 $ 543.3 $ 665.8 $ 464.1 $ 840.2 $ 1,069.1 $ 735.2 2. Interest expense .................. 77.4 71.8 99.2 96.7 116.8 145.4 96.9 3. Interest factor of rental expense . 6.7 7.7 8.9 10.3 16.1 10.5 10.7 4. Net (undistributed) distributed income from equity investees ... (19.0) 3.5 4.3 (17.4) (27.1) (99.7) (12.9) -------- -------- -------- -------- -------- -------- -------- 5. Earnings before interest credited on investment products ......... 807.0 626.3 778.2 553.7 946.0 1,125.3 829.9 6. Interest credited on investment products ....................... 551.4 558.8 743.4 773.1 723.5 709.5 582.7 -------- -------- -------- -------- -------- -------- -------- 7. Earnings .......................... $ 1,358.4 $ 1,185.1 $ 1,521.6 $ 1,326.8 $ 1,669.5 $ 1,834.8 $ 1,412.6 ======== ======== ======== ======== ======== ======== ======== 8. Interest expense ................. $ 77.4 $ 71.8 $ 99.2 $ 96.7 $ 116.8 $ 145.4 $ 96.9 9. Interest factor of rental expense 6.7 7.7 8.9 10.3 16.1 10.5 10.7 10. Preferred stock dividend requirements of majority-owned subsidiaries (non-intercompany) 0.6 0.2 0.4 -- -- -- -- -------- -------- -------- -------- -------- -------- -------- 11. Fixed charges before interest credited on investment products 84.7 79.7 108.5 107.0 132.9 155.9 107.6 12. Interest credited on investment products ...................... 551.4 558.8 743.4 773.1 723.5 709.5 582.7 -------- -------- -------- -------- -------- -------- -------- 13. Fixed charges .................... $ 636.1 $ 638.5 $ 851.9 $ 880.1 $ 856.4 $ 865.4 $ 690.3 ======== ======== ======== ======== ======== ======== ======== 14. Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 11) ............... 9.5 7.9 7.2 5.2 7.1 7.2 7.7 15. Ratio of earnings to fixed charges (Line item 7/Line item 13) .... 2.1 1.9 1.8 1.5 1.9 2.1 2.0