Stancorp Financial (SFG) 10-Q 2003 Q3 Quarterly report

EXHIBIT 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30, 2003		Years Ended December 31,
			2002		2001		2000		1999		1998
	(Dollars in millions)
Earnings calculation:
Income before income taxes	$	172.1	$	172.0	$	164.5	$	141.1	$	121.0	$	104.8
Fixed charges		74.5		83.0		83.0		94.8		91.0		93.3
Earnings	$	246.6	$	255.0	$	247.5	$	235.9	$	212.0	$	198.1
Fixed charges calculation:
Interest expense excluding senior note	$	1.7	$	1.3	$	1.2	$	1.9	$	—	$	—
Amortization of senior note		13.2		4.6		—		—		—		—
Interest credited to policyholders		56.3		72.9		78.7		90.4		88.8		91.5
Portion of rental expense representing an interest factor (1)		3.3		4.2		3.1		2.5		2.2		1.8
Total fixed charges	$	74.5	$	83.0	$	83.0	$	94.8	$	91.0	$	93.3
Ratio of earnings to fixed charges		3.3x		3.1x		3.0x		2.5x		2.3x		2.1x

(1) Interest portion of operating leases is assumed to be 28 percent.