Exhibit 12.1
Ratio of Earnings to Fixed Charges
Six Months Ended | Year Ended December 31, | ||||||||||||||||||||||
June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Consolidated income before income taxes and minority interests | $ | 76,182 | $ | 65,266 | $ | 86,164 | $ | 77,053 | $ | 38,144 | $ | 116,029 | |||||||||||
Interest credited to account balances and amortization of deferred sales inducements | 446,042 | 793,091 | 387,882 | 235,836 | 571,917 | 429,062 | |||||||||||||||||
Interest expense on notes payable | 15,739 | 22,125 | 14,853 | 19,773 | 20,916 | 21,278 | |||||||||||||||||
Interest expense on subordinated debentures | 6,947 | 14,906 | 15,819 | 19,445 | 22,520 | 21,354 | |||||||||||||||||
Interest expense on amounts due under repurchase agreements and other interest expense | 5 | — | 534 | 8,207 | 15,926 | 32,931 | |||||||||||||||||
Interest portion of rental expense | 315 | 648 | 570 | 459 | 468 | 431 | |||||||||||||||||
Consolidated earnings | $ | 545,230 | $ | 896,036 | $ | 505,822 | $ | 360,773 | $ | 669,891 | $ | 621,085 | |||||||||||
Interest credited to account balances and amortization of deferred sales inducements | 446,042 | 793,091 | 387,882 | 235,836 | 571,917 | 429,062 | |||||||||||||||||
Interest expense on notes payable | 15,739 | 22,125 | 14,853 | 19,773 | 20,916 | 21,278 | |||||||||||||||||
Interest expense on subordinated debentures | 6,947 | 14,906 | 15,819 | 19,445 | 22,520 | 21,354 | |||||||||||||||||
Interest expense on amounts due under repurchase agreements and other interest expense | 5 | — | 534 | 8,207 | 15,926 | 32,931 | |||||||||||||||||
Interest portion of rental expense | 315 | 648 | 570 | 459 | 468 | 431 | |||||||||||||||||
Combined fixed charges | $ | 469,048 | $ | 830,770 | $ | 419,658 | $ | 283,720 | $ | 631,747 | $ | 505,056 | |||||||||||
Ratio of consolidated earnings to fixed charges | 1.2 | 1.1 | 1.2 | 1.3 | 1.1 | 1.2 | |||||||||||||||||
Ratio of consolidated earnings to fixed charges, excluding interest credited to account balances and amortization of deferred sales inducements | 4.3 | 2.7 | 3.7 | 2.6 | 1.6 | 2.5 |