AMERCIAN FINANCIAL CORPORATION AND SUBSIDIARIES
EXHIBIT 12 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Nine Months Ended | Year Ended | |
September 30, 2003 | December 31, 2002 | |
Pretax income (loss) | $172,418 | $149,330 |
Minority interest in subsidiaries having fixed charges (*) | 22,285 | 32,096 |
Less undistributed equity in (earnings) losses of investees | (9,051) | 13,830 |
Fixed charges: | ||
Interest on annuities | 227,230 | 300,966 |
Interest expense | 27,827 | 47,513 |
Interest on subsidiary trust obligations | 781 | - |
Debt discount (premium) and expense | 808 | 414 |
Portion of rentals representing interest | 12,362 | 16,483 |
EARNINGS | $454,660 | $560,632 |
Fixed charges: | ||
Interest on annuities | $227,230 | $300,966 |
Interest expense | 27,827 | 47,513 |
Interest on subsidiary trust obligations | 781 | - |
Debt discount (premium) and expense | 808 | 414 |
Portion of rentals representing interest | 12,362 | 16,483 |
Pretax preferred dividend requirements of subsidiaries | 9,831 | 12,960 |
FIXED CHARGES | $278,839 | $378,336 |
Fixed charges and preferred dividends: | ||
Fixed charges - per above | $278,839 | $378,336 |
Preferred dividends | 6,140 | 6,552 |
FIXED CHARGES AND PREFERRED DIVIDENDS | $284,979 | $384,888 |
Ratio of Earnings to Fixed Charges | 1.63 | 1.48 |
Ratio of Earnings to Fixed Charges and Preferred Dividends | 1.60 | 1.46 |
Earnings in Excess of Fixed Charges | $175,821 | $182,296 |
Earnings in Excess of Fixed Charges and Preferred Dividends | $169,681 | $175,744 |
(*) Amounts include accrued distributions on preferred securities | ||
of consolidated trusts. |
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