Exhibit 12.1
Year Ended December 31 | Nine Months Ended September 30 2008 | |||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
(in millions, except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Tax and Cumulative Effect of Accounting Principle Change | $ | 997.2 | $ | 465.4 | $ | 693.9 | $ | (275.7 | ) | $ | (452.4 | ) | $ | 771.5 | ||||||
Fixed Charges | 210.2 | 221.3 | 239.3 | 239.3 | 219.2 | 139.1 | ||||||||||||||
Adjusted Earnings | $ | 1,207.4 | $ | 686.7 | $ | 933.2 | $ | (36.4 | ) | $ | (233.2 | ) | $ | 910.6 | ||||||
Fixed Charges | ||||||||||||||||||||
Interest and Debt Expense | $ | 183.1 | $ | 191.8 | $ | 208.0 | $ | 207.1 | $ | 187.2 | $ | 121.5 | ||||||||
Interest Credited to Policyholders | 10.7 | 11.5 | 13.8 | 14.2 | 16.7 | 6.9 | ||||||||||||||
Amortization of Deferred Debt Costs | 5.0 | 6.1 | 7.8 | 7.3 | 5.4 | 2.5 | ||||||||||||||
Portion of Rents Deemed Representative of Interest | 11.4 | 11.9 | 9.7 | 10.7 | 9.9 | 8.2 | ||||||||||||||
Total Fixed Charges | $ | 210.2 | $ | 221.3 | $ | 239.3 | $ | 239.3 | $ | 219.2 | $ | 139.1 | ||||||||
Ratio of Earnings to Fixed Charges (a) | 5.7 | 3.1 | 3.9 | (b | ) | (b | ) | 6.5 |
(a) | There are currently no shares of preferred stock outstanding, and we do not have a preferred stock dividend obligation. Therefore, the ratio of earnings to fixed charges and preferred stock dividends is equal to the ratio of earnings to fixed charges and is not disclosed separately. |
(b) | Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $275.7 million and $452.4 million for the years ended December 31, 2004 and 2003, respectively. |