EX-12 3 v365761_ex12.htm EXHIBIT 12
Exhibit 12
 
Horace Mann Educators Corporation
Statement Regarding Computation of Ratios
Computation of Ratio of Earnings to Fixed Charges
For the Years Ended December 31, 2013, 2012, 2011, 2010 and 2009
(Dollars in millions)
 
 
 
Year Ended December 31,
 
 
 
 
2013
 
 
2012
 
 
2011
 
 
2010
 
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
14.2
 
 
$
14.2
 
 
$
14.0
 
 
$
14.0
 
 
$
14.0
 
 
Interest credited to policyholders on
    interest-sensitive contracts
 
 
169.9
 
 
 
163.6
 
 
 
154.9
 
 
 
146.7
 
 
 
139.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
184.1
 
 
$
177.8
 
 
$
168.9
 
 
$
160.7
 
 
$
153.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
154.1
 
 
$
149.2
 
 
$
94.9
 
 
$
110.2
 
 
$
101.8
 
 
Add: Interest expense
 
 
14.2
 
 
 
14.2
 
 
 
14.0
 
 
 
14.0
 
 
 
14.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal – earnings before interest
    expense
 
 
168.3
 
 
 
163.4
 
 
 
108.9
 
 
 
124.2
 
 
 
115.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add: Interest credited to policyholders
    on interest-sensitive contracts
 
 
169.9
 
 
 
163.6
 
 
 
154.9
 
 
 
146.7
 
 
 
139.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges
 
$
338.2
 
 
$
327.0
 
 
$
263.8
 
 
$
270.9
 
 
$
255.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
1.8
x
 
 
1.8
x
 
 
1.6
x
 
 
1.7
x
 
 
1.7
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental information (A):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings before interest expense
    to interest expense
 
 
11.9
x
 
 
11.5
x
 
 
7.8
x
 
 
8.9
x
 
 
8.3
x
 
 
(A)
Fixed charges and earnings in this calculation do not include interest credited to policyholders on interest-sensitive contracts.  This adjusted coverage ratio is not required, but is provided as supplemental information because it is commonly used by individuals who analyze the Company’s results.