AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS
Nine Months Ended September 30, | Years Ended December 31, | ||||||||||||||||
2003 | 2002 | 2002 | 2001 | ||||||||||||||
($ in thousands) | |||||||||||||||||
Earnings | |||||||||||||||||
Pre-tax income from continuing operations | $ | 179,885 | $ | 81,645 | $ | 92,630 | $ | 120,665 | |||||||||
Less: Minority interest | — | — | — | — | |||||||||||||
Less: Income (loss) from equity investees | 7,679 | (7,202 | ) | (3,993 | ) | 5,072 | |||||||||||
Add: Distributed income from equity investees | 2,202 | 1,869 | 2,591 | 7,730 | |||||||||||||
174,407 | 90,716 | 99,214 | 123,323 | ||||||||||||||
Fixed charges | 354,861 | 431,797 | 549,611 | 477,161 | |||||||||||||
Less: Preference security dividend requirements not included in net income | — | — | — | — | |||||||||||||
Net fixed charges | 354,861 | 431,797 | 549,611 | 477,161 | |||||||||||||
Total Earnings | $ | 529,269 | $ | 522,513 | $ | 648,825 | $ | 600,484 | |||||||||
Fixed Charges | |||||||||||||||||
Interest credited on annuity and universal life contracts | $ | 331,473 | $ | 411,724 | $ | 521,540 | $ | 447,069 | |||||||||
Interest expense on debt | 19,039 | 15,116 | 20,758 | 14,415 | |||||||||||||
Amortization of debt issuance costs | 602 | 797 | 985 | 3,155 | |||||||||||||
Estimate of interest within rental expense | 548 | 498 | 1,599 | 926 | |||||||||||||
Preference security dividend requirements | 3,199 | 3,662 | 4,729 | 11,596 | |||||||||||||
Total Combined Fixed Charges and Preference Security Dividends | $ | 354,861 | $ | 431,797 | $ | 549,611 | $ | 477,161 | |||||||||
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends | 1.49 | 1.21 | 1.18 | 1.26 | |||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Years Ended December 31, | |||||||||||||
2000 | 1999 | 1998 | |||||||||||
($ in thousands) | |||||||||||||
Earnings | |||||||||||||
Pre-tax income from continuing operations | $ | 116,033 | $ | 100,197 | $ | 92,465 | |||||||
Less: Minority interest | 21,677 | 28,107 | 26,919 | ||||||||||
Less: Income (loss) from equity investees | 3,481 | (603 | ) | (3,791 | ) | ||||||||
Add: Distributed income from equity investees | 4,449 | 1,804 | 747 | ||||||||||
95,324 | 74,497 | 70,084 | |||||||||||
Fixed charges | 344,363 | 356,617 | 353,030 | ||||||||||
Less: Preference security dividend requirements not included in net income | — | — | 4,697 | ||||||||||
Net fixed charges | 344,363 | 356,617 | 348,333 | ||||||||||
Total Earnings | $ | 439,687 | $ | 431,114 | $ | 418,417 | |||||||
Fixed Charges | |||||||||||||
Interest credited on annuity and universal life contracts | $ | 312,008 | $ | 325,941 | $ | 317,783 | |||||||
Interest expense on debt | 14,610 | 12,229 | 16,552 | ||||||||||
Amortization of debt issuance costs | 1,833 | 1,538 | 1,724 | ||||||||||
Estimate of interest within rental expense | 799 | 155 | 257 | ||||||||||
Preference security dividend requirements | 15,113 | 16,754 | 16,714 | ||||||||||
Total Combined Fixed Charges and Preference Security Dividends | $ | 344,363 | $ | 356,617 | $ | 353,030 | |||||||
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends | 1.28 | 1.21 | 1.19 | ||||||||||
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