Exhibit 12.1
Ratio of Earnings to Fixed Charges
Three Months Ended | Year Ended December 31, | ||||||||||||||||||||||
March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Consolidated income before income taxes and minority interests | $ | 16,135 | $ | 132,914 | $ | 65,266 | $ | 86,164 | $ | 77,053 | $ | 38,144 | |||||||||||
Interest credited to account balances and amortization of deferred sales inducements | 155,833 | 847,538 | 793,091 | 387,882 | 235,836 | 571,917 | |||||||||||||||||
Interest expense on notes payable | 6,995 | 31,633 | 22,125 | 14,853 | 19,773 | 20,916 | |||||||||||||||||
Interest expense on subordinated debentures | 3,586 | 13,977 | 14,906 | 15,819 | 19,445 | 22,520 | |||||||||||||||||
Interest expense on amounts due under repurchase agreements and other interest expense | — | 30 | — | 534 | 8,207 | 15,926 | |||||||||||||||||
Interest portion of rental expense | 176 | 665 | 648 | 570 | 459 | 468 | |||||||||||||||||
Consolidated earnings | $ | 182,725 | $ | 1,026,757 | $ | 896,036 | $ | 505,822 | $ | 360,773 | $ | 669,891 | |||||||||||
Interest credited to account balances and amortization of deferred sales inducements | 155,833 | 847,538 | 793,091 | 387,882 | 235,836 | 571,917 | |||||||||||||||||
Interest expense on notes payable | 6,995 | 31,633 | 22,125 | 14,853 | 19,773 | 20,916 | |||||||||||||||||
Interest expense on subordinated debentures | 3,586 | 13,977 | 14,906 | 15,819 | 19,445 | 22,520 | |||||||||||||||||
Interest expense on amounts due under repurchase agreements and other interest expense | — | 30 | — | 534 | 8,207 | 15,926 | |||||||||||||||||
Interest portion of rental expense | 176 | 665 | 648 | 570 | 459 | 468 | |||||||||||||||||
Combined fixed charges | $ | 166,590 | $ | 893,843 | $ | 830,770 | $ | 419,658 | $ | 283,720 | $ | 631,747 | |||||||||||
Ratio of consolidated earnings to fixed charges | 1.1 | 1.1 | 1.1 | 1.2 | 1.3 | 1.1 | |||||||||||||||||
Ratio of consolidated earnings to fixed charges, excluding interest credited to account balances and amortization of deferred sales inducements | 2.5 | 3.9 | 2.7 | 3.7 | 2.6 | 1.6 |