AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS
Three Months Ended March 31, | |||||||||
2003 | 2002 | ||||||||
($ in thousands) | |||||||||
Earnings | |||||||||
Pre-tax income from continuing operations | $ | 53,215 | $ | 36,346 | |||||
Less: Minority interest | — | — | |||||||
Less: Income (loss) from equity investees | 1,724 | (2,287 | ) | ||||||
Add: Distributed income from equity investees | 219 | 2,186 | |||||||
51,710 | 40,819 | ||||||||
Fixed charges | 7,166 | 6,715 | |||||||
Less: Preference security dividend requirements not included in net income | — | — | |||||||
Net fixed charges | 7,166 | 6,715 | |||||||
Total Earnings | $ | 58,876 | $ | 47,534 | |||||
Fixed Charges (1) | |||||||||
Interest expense on debt | 5,732 | 4,499 | |||||||
Amortization of debt issuance costs | 187 | 422 | |||||||
Estimate of interest within rental expense | 180 | 266 | |||||||
Preference security dividend requirements | 1,067 | 1,528 | |||||||
Total Combined Fixed Charges and Preference Security Dividends | $ | 7,166 | $ | 6,715 | |||||
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends | 8.22 | 7.08 | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Earnings | |||||||||||||||||||||
Pre-tax income from continuing operations | $ | 92,630 | $ | 120,665 | $ | 116,033 | $ | 100,197 | $ | 92,465 | |||||||||||
Less: Minority interest | — | — | 21,677 | 28,107 | 26,919 | ||||||||||||||||
Less: Income (loss) from equity investees | (3,993 | ) | 5,072 | 3,481 | (603 | ) | (3,791 | ) | |||||||||||||
Add: Distributed income from equity investees | 2,591 | 7,730 | 4,449 | 1,804 | 747 | ||||||||||||||||
99,214 | 123,323 | 95,324 | 74,497 | 70,084 | |||||||||||||||||
Fixed charges | 28,071 | 30,092 | 32,355 | 30,676 | 35,247 | ||||||||||||||||
Less: Preference security dividend requirements not included in net income | — | — | — | 4,697 | |||||||||||||||||
Net fixed charges | 28,071 | 30,092 | 32,355 | 30,676 | 30,550 | ||||||||||||||||
Total Earnings | $ | 127,285 | $ | 153,415 | $ | 127,679 | $ | 105,173 | $ | 100,634 | |||||||||||
Fixed Charges (1) | |||||||||||||||||||||
Interest expense on debt | 20,758 | 14,415 | 14,610 | 12,229 | 16,552 | ||||||||||||||||
Amortization of debt issuance costs | 985 | 3,155 | 1,833 | 1,538 | 1,724 | ||||||||||||||||
Estimate of interest within rental expense | 1,599 | 926 | 799 | 155 | 257 | ||||||||||||||||
Preference security dividend requirements | 4,729 | 11,596 | 15,113 | 16,754 | 16,714 | ||||||||||||||||
Total Combined Fixed Charges and Preference Security Dividends | $ | 28,071 | $ | 30,092 | $ | 32,355 | $ | 30,676 | $ | 35,247 | |||||||||||
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends | 4.53 | 5.10 | 3.95 | 3.43 | 2.86 | ||||||||||||||||
(1) | Fixed charges do not include interest credited to deferred annuity account balances which are not considered borrowing costs for a life insurance company. |
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