Statement re: Computation of Ratio of Earnings to Fixed Charges
| | Year Ended December 31, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||
| Consolidated income before taxes, minority interest in earnings of subsidiaries and cumulative effect adjustment (a) | $ | 69,541 | $ | 38,945 | $ | 28,951 | $ | 9,453 | $ | 14,618 | |||||
| Interest credited to account balances | 305,762 | 248,075 | 183,503 | 100,125 | 57,312 | ||||||||||
| Interest expense on General Agency Commission and Servicing Agreement | 2,594 | 3,000 | 3,596 | 5,716 | 5,958 | ||||||||||
| Interest expense on notes payable | 1,749 | 1,486 | 1,901 | 2,881 | 2,339 | ||||||||||
| Interest expense on subordinated debt (a) | 9,609 | 7,661 | — | — | — | ||||||||||
| Interest expense on amounts due under repurchase agreements and other interest expense | 3,148 | 1,278 | 1,777 | 1,504 | 3,267 | ||||||||||
| Interest portion of rental expense | 344 | 314 | 267 | 171 | 192 | ||||||||||
| Consolidated earnings | $ | 392,747 | $ | 300,759 | $ | 219,995 | $ | 119,850 | $ | 83,686 | |||||
| Interest credited to account balances | 305,762 | 248,075 | 183,503 | 100,125 | 57,312 | ||||||||||
| Interest expense on General Agency Commission and Servicing Agreement | 2,594 | 3,000 | 3,596 | 5,716 | 5,958 | ||||||||||
| Interest expense on notes payable | 1,749 | 1,486 | 1,901 | 2,881 | 2,339 | ||||||||||
| Interest expense on subordinated debt (a) | 9,609 | 7,661 | — | — | — | ||||||||||
| Interest expense on amounts due under repurchase agreements and other interest expense | 3,148 | 1,278 | 1,777 | 1,504 | 3,267 | ||||||||||
| Interest portion of rental expense | 344 | 314 | 267 | 171 | 192 | ||||||||||
| Combined fixed charges | $ | 323,206 | $ | 261,814 | $ | 191,044 | $ | 110,397 | $ | 69,068 | |||||
| Ratio of consolidated earnings to fixed charges | 1.2 | 1.1 | 1.2 | 1.1 | 1.2 | ||||||||||
| Ratio of consolidated earnings to fixed charges excluding interest credited to account balances | 5.0 | 3.8 | 4.8 | 1.9 | 2.2 | ||||||||||
