EXHIBIT 12
Protective Life Corporation
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| Three Months Ended |
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| March 31, |
| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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| (Dollars In Thousands) |
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Computation of Ratio of Consolidated Earnings to Fixed Charges |
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Income before change in accounting principle and before income tax (1) |
| $ | 150,579 |
| $ | 90,765 |
| $ | 470,231 |
| $ | 335,217 |
| $ | 382,185 |
| $ | (143,328 | ) | $ | 369,720 |
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Add Interest Expenses on Debt, Subordinated Debt Securities and Non-recourse funding obligations |
| 38,808 |
| 39,477 |
| 159,079 |
| 151,030 |
| 114,090 |
| 137,500 |
| 124,500 |
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Add Imputed interest on operating leases |
| 593 |
| 570 |
| 2,267 |
| 2,300 |
| 2,200 |
| 2,133 |
| 2,567 |
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Add Interest Credited on Investment Products |
| 243,608 |
| 237,391 |
| 993,574 |
| 972,806 |
| 993,245 |
| 1,043,676 |
| 1,010,944 |
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Earnings before Interest, Interest Credited on Investment Products and Taxes |
| $ | 433,588 |
| $ | 368,203 |
| $ | 1,625,151 |
| $ | 1,461,353 |
| $ | 1,491,720 |
| $ | 1,039,981 |
| $ | 1,507,731 |
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Interest Expenses on Debt, Subordinated Debt Securities and Non-recourse funding obligations |
| 38,808 |
| 39,477 |
| 159,079 |
| 151,030 |
| 114,090 |
| 137,500 |
| 124,500 |
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Add Imputed interest on operating leases |
| 593 |
| 570 |
| 2,267 |
| 2,300 |
| 2,200 |
| 2,133 |
| 2,567 |
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Add Interest Credited on Investment Products |
| 243,608 |
| 237,391 |
| 993,574 |
| 972,806 |
| 993,245 |
| 1,043,676 |
| 1,010,944 |
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Interest Expense, Imputed Interest Expense on Operating Leases and Interest Credited on Investment Products |
| $ | 283,009 |
| $ | 277,438 |
| $ | 1,154,920 |
| $ | 1,126,136 |
| $ | 1,109,535 |
| $ | 1,183,309 |
| $ | 1,138,011 |
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Earnings before Interest, Interest Credited on Investment Products and Taxes Divided by Interest expense, Imputed Interest on Operating Leases and Interest Credited on Investment Products |
| 1.5 |
| 1.3 |
| 1.4 |
| 1.3 |
| 1.3 |
| 0.9 |
| 1.3 |
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Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products |
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Income before change in accounting principle and before income tax |
| $ | 150,579 |
| $ | 90,765 |
| $ | 470,231 |
| $ | 335,217 |
| $ | 382,185 |
| $ | (143,328 | ) | $ | 369,720 |
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Add Interest Expenses on Debt, Subordinated Debt Securities and Non-recourse funding obligations |
| 38,808 |
| 39,477 |
| 159,079 |
| 151,030 |
| 114,090 |
| 137,500 |
| 124,500 |
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Add Imputed interest on operating leases |
| 593 |
| 570 |
| 2,267 |
| 2,300 |
| 2,200 |
| 2,133 |
| 2,567 |
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Earnings before Interest and Taxes |
| $ | 189,980 |
| $ | 130,812 |
| $ | 631,577 |
| $ | 488,547 |
| $ | 498,475 |
| $ | (3,695 | ) | $ | 496,787 |
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Interest Expenses on Debt, Subordinated Debt Securities and Non-recourse funding obligations |
| 38,808 |
| 39,477 |
| 159,079 |
| 151,030 |
| 114,090 |
| 137,500 |
| 124,500 |
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Add Imputed interest on operating leases |
| 593 |
| 570 |
| 2,267 |
| 2,300 |
| 2,200 |
| 2,133 |
| 2,567 |
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Interest Expense and Imputed Interest on Operating Leases |
| $ | 39,401 |
| $ | 40,047 |
| $ | 161,346 |
| $ | 153,330 |
| $ | 116,290 |
| $ | 139,633 |
| $ | 127,067 |
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Earnings before Interest and Taxes Divided by Interest Expense and Imputed Interest on Operating Leases |
| 4.8 |
| 3.3 |
| 3.9 |
| 3.2 |
| 4.3 |
| — |
| 3.9 |
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(1) Excludes income (loss) attributable to noncontrolling interests