Stancorp Financial (SFG) 8-K 2011 FY Results of Operations and Financial Condition

Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2011		2010		2009		2008		2007
	(Dollars in millions)
Earnings calculation:
Income before income taxes	$	191.5	$	278.1	$	310.4	$	237.9	$	336.4
Fixed charges		204.8		201.8		191.8		156.8		147.0
Earnings	$	396.3	$	479.9	$	502.2	$	394.7	$	483.4
Fixed charges calculation:
Other interest expense including capital lease interest but excluding Senior Notes and hybrid notes	$	0.2	$	0.6	$	0.8	$	1.2	$	1.4
Amortization of Senior Notes		17.6		17.6		17.6		17.6		17.5
Amortization of hybrid notes		21.1		21.1		21.2		21.0		12.4
Interest credited		161.0		158.4		145.6		110.7		108.8
Portion of rental expense representing an interest factor(1)		4.9		4.1		6.6		6.3		6.9
Total fixed charges	$	204.8	$	201.8	$	191.8	$	156.8	$	147.0
Ratio of earnings to fixed charges		1.9x		2.4x		2.6x		2.5x		3.3x

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