AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS
Six Months Ended June 30, | Years Ended December | ||||||||||||||||||||||||||||
2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||
Pre-tax income from continuing operations | $ | 119,285 | $ | 41,304 | $ | 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 | 2,687 | (2,241 | ) | (3,993 | ) | 5,072 | 3,481 | (603 | ) | (3,791 | ) | ||||||||||||||||||
Add: Distributed income from equity investees | 1,466 | 1,702 | 2,591 | 7,730 | 4,449 | 1,804 | 747 | ||||||||||||||||||||||
118,064 | 45,247 | 99,214 | 123,323 | 95,324 | 74,497 | 70,084 | |||||||||||||||||||||||
Fixed charges | 15,113 | 13,515 | 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 | 15,113 | 13,515 | 28,071 | 30,092 | 32,355 | 30,676 | 30,550 | ||||||||||||||||||||||
Total Earnings | $ | 133,177 | $ | 58,762 | $ | 127,285 | $ | 153,415 | $ | 127,679 | $ | 105,173 | $ | 100,634 | |||||||||||||||
Fixed Charges (1) | |||||||||||||||||||||||||||||
Interest expense on debt | 12,240 | 9,769 | $ | 20,758 | $ | 14,415 | $ | 14,610 | $ | 12,229 | $ | 16,552 | |||||||||||||||||
Amortization of debt issuance costs | 374 | 608 | 985 | 3,155 | 1,833 | 1,538 | 1,724 | ||||||||||||||||||||||
Estimate of interest within rental expense | 365 | 543 | 1,599 | 926 | 799 | 155 | 257 | ||||||||||||||||||||||
Preference security dividend requirements | 2,134 | 2,595 | 4,729 | 11,596 | 15,113 | 16,754 | 16,714 | ||||||||||||||||||||||
Total Combined Fixed Charges and Preference Security Dividends | $ | 15,113 | $ | 13,515 | $ | 28,071 | $ | 30,092 | $ | 32,355 | $ | 30,676 | $ | 35,247 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends | 8.81 | 4.35 | 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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