EX-12.1 3 statementrecomputationofra.htm EXHIBIT 12.1 Exhibit
TORCHMARK CORPORATION
COMPUTATION OF RATIO OF EARNINGS
(Dollar amounts in thousands)

Exhibit 12.1
 
Quarter Ended June 30,
 
 Year Ended December 31,
 
2015
 
2014
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax earnings
$
368,820

 
$
391,349

 
$
778,468

 
$
763,126

 
$
765,993

 
$
723,782

 
$
750,570

Fixed charges
38,880

 
38,764

 
77,515

 
81,807

 
81,725

 
79,481

 
77,152

Earnings before fixed charges
$
407,700

 
$
430,113

 
$
855,983

 
$
844,933

 
$
847,718

 
$
803,263

 
$
827,722

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense*
$
37,503

 
$
37,460

 
$
74,862

 
$
79,187

 
$
79,449

 
$
76,980

 
$
74,669

Amortization of bond issue costs
671

 
626

 
1,264

 
1,274

 
1,063

 
928

 
860

Estimated interest factor of rental expense
706

 
678

 
1,389

 
1,346

 
1,213

 
1,573

 
1,623

Total fixed charges
$
38,880

 
$
38,764

 
$
77,515

 
$
81,807

 
$
81,725

 
$
79,481

 
$
77,152

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
10.5

 
11.1

 
11.0

 
10.3

 
10.4

 
10.1

 
10.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges
$
407,700

 
$
430,113

 
$
855,983

 
$
844,933

 
$
847,718

 
$
803,263

 
$
827,722

Interest credited for deposit products
32,941

 
34,502

 
68,718

 
70,555

 
71,918

 
70,746

 
69,742

Adjusted earnings before fixed charges
$
440,641

 
$
464,615

 
$
924,701

 
$
915,488

 
$
919,636

 
$
874,009

 
$
897,464

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
$
38,880

 
$
38,764

 
$
77,515

 
$
81,807

 
$
81,725

 
$
79,481

 
$
77,152

Interest credited for deposit products
32,941

 
34,502

 
68,718

 
70,555

 
71,918

 
70,746

 
69,742

 Adjusted fixed charges
$
71,821

 
$
73,266

 
$
146,233

 
$
152,362

 
$
153,643

 
$
150,227

 
$
146,894

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges including interest
 
 
 
 
 
 
 
 
 
 
 
 
 
credited on deposit products as a fixed charge
6.1

 
6.3

 
6.3

 
6.0

 
6.0

 
5.8

 
6.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Rental expense
$
2,139

 
$
2,055

 
$
4,210

 
$
4,079

 
$
3,677

 
$
4,767

 
$
4,919

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Estimated interest factor of rental expense (33%)
$
706

 
$
678

 
$
1,389

 
$
1,346

 
$
1,213

 
$
1,573

 
$
1,623


*There was no interest capitalized in any period indicated.