Exhibit 12.1
FBL
Financial Group, Inc.
Exhibit 12.1 – Statement Re: Computation of Ratios
Ratio of Earnings to Fixed Charges Including Interest Credited and Amortization
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For the nine |
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For the year ended December 31, |
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2009 |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
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(Dollars in thousands) |
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Earnings |
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Pre-tax income (loss) from continuing operations |
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$ |
56,945 |
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$ |
(31,878 |
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$ |
125,806 |
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$ |
133,488 |
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$ |
108,563 |
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$ |
92,492 |
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Less: Minority interest |
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125 |
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71 |
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49 |
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(126 |
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(159 |
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(105 |
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Add: Distributed income from equity investees |
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248 |
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337 |
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438 |
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2,021 |
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1,107 |
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2,035 |
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57,318 |
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(31,470 |
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126,293 |
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135,383 |
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109,511 |
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94,422 |
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Fixed charges |
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272,215 |
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353,209 |
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422,951 |
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296,074 |
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253,607 |
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286,154 |
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Less: Capitalized bonus interest |
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(3,657 |
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(7,095 |
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(9,636 |
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(3,886 |
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(1,233 |
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(48,951 |
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Less: Tax gross up on preferred stock |
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— |
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— |
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— |
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— |
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(805 |
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(766 |
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Add: Amortization of capitalized interest |
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9,362 |
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4,141 |
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6,255 |
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5,985 |
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5,461 |
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6,792 |
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Total earnings |
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$ |
335,238 |
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$ |
318,785 |
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$ |
545,863 |
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$ |
433,556 |
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$ |
366,541 |
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$ |
337,651 |
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Fixed charges |
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Interest credited to contract holders |
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$ |
248,160 |
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$ |
325,313 |
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$ |
395,392 |
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$ |
279,257 |
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$ |
236,561 |
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$ |
223,543 |
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Capitalized bonus interest credited to contract holders |
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3,657 |
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7,095 |
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9,636 |
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3,886 |
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1,233 |
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48,951 |
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Interest expense on debt |
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19,164 |
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19,567 |
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16,666 |
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11,744 |
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13,590 |
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11,397 |
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Tax gross up on preferred stock |
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— |
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— |
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— |
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— |
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805 |
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766 |
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Estimate of interest within rent expense |
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1,234 |
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1,234 |
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1,257 |
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1,187 |
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1,418 |
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1,497 |
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Total fixed charges |
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$ |
272,215 |
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$ |
353,209 |
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$ |
422,951 |
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$ |
296,074 |
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$ |
253,607 |
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$ |
286,154 |
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Ratio of earnings to fixed charges |
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1.23 |
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0.90 |
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1.29 |
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1.46 |
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1.45 |
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1.18 |
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Ratio of earnings to fixed charges and preferred stock dividends |
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1.23 |
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0.90 |
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1.29 |
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1.46 |
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1.44 |
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1.18 |
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Earnings deficiency |
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— |
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(34,424 |
) |
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— |
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— |
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— |
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— |
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