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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Exhibit 12.1
Computation of Ratio of Earnings to
Fixed Charges and Preferred Dividends
(Dollars in millions)
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Pretax income (loss) from operations: | |||||||||||||||||||
Net income (loss) | $ | 221.0 | $ | 335.7 | $ | 240.6 | $ | 20.4 | $ | (1,205.3 | ) | ||||||||
Add income tax expense (benefit) | (65.3 | ) | (29.5 | ) | (15.7 | ) | 51.4 | 372.5 | |||||||||||
Add discontinued operations | — | — | — | — | 722.7 | ||||||||||||||
Pretax income (loss) from operations | 155.7 | 306.2 | 224.9 | 71.8 | (110.1 | ) | |||||||||||||
Add fixed charges: | |||||||||||||||||||
Interest expense on corporate debt | 66.2 | 76.3 | 79.3 | 84.7 | 67.9 | ||||||||||||||
Interest expense on investment borrowings | 48.4 | 37.8 | 33.9 | 33.2 | 38.6 | ||||||||||||||
Interest added to policyholder account balances | 260.5 | 282.5 | 303.9 | 324.4 | 330.5 | ||||||||||||||
Portion of rental (a) | 14.6 | 13.1 | 13.0 | 12.8 | 13.4 | ||||||||||||||
Fixed charges | 389.7 | 409.7 | 430.1 | 455.1 | 450.4 | ||||||||||||||
Adjusted earnings | $ | 545.4 | $ | 715.9 | $ | 655.0 | $ | 526.9 | $ | 340.3 | |||||||||
Ratio of earnings to fixed charges | 1.40X | 1.75X | 1.52X | 1.16X | (b) |
____________________
(a) | Interest portion of rental is estimated to be 33 percent. |
(b) | For such ratio, earnings were $110.1 million less than fixed charges. |