| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
|
Earnings
|
||||||||||||||||||||
|
Pre-tax income from continuing
operations
|
$ | 260,347 | $ | 228,294 | $ | 239,238 | $ | 89,157 | $ | 119,377 | ||||||||||
|
Less: Income (loss) from equity
investees
|
12,161 | 8,105 | 12,563 | (3,993 | ) | 5,072 | ||||||||||||||
|
Add: Distributed income from
equity investees
|
1,912 | 564 | 1,521 | 2,591 | 7,730 | |||||||||||||||
| 250,098 | 220,753 | 228,196 | 95,741 | 122,035 | ||||||||||||||||
|
Combined Fixed Charges and
Preferred Stock Dividends
|
562,900 | 556,985 | 570,646 | 492,093 | 371,667 | |||||||||||||||
|
Less: Preferred stock dividends
not included in pre-tax income
|
2,417 | — | — | — | — | |||||||||||||||
|
Less: Tax gross up on preferred
stock dividends
|
874 | — | — | — | — | |||||||||||||||
|
Total Earnings
|
$ | 809,707 | $ | 777,738 | $ | 798,842 | $ | 587,834 | $ | 493,702 | ||||||||||
|
Combined Fixed Charges
|
||||||||||||||||||||
|
Interest credited to policyowners
|
$ | 506,612 | $ | 523,231 | $ | 538,622 | $ | 464,022 | $ | 341,575 | ||||||||||
|
Interest expense on debt
|
32,173 | 32,120 | 30,154 | 25,487 | 26,011 | |||||||||||||||
|
Early extinguishment of debt
|
19,082 | — | — | — | — | |||||||||||||||
|
Amortization of debt issuance costs
|
878 | 928 | 1,137 | 985 | 3,155 | |||||||||||||||
|
Estimate of interest within rental
expense
|
864 | 706 | 733 | 1,599 | 926 | |||||||||||||||
|
Preferred stock dividends
|
2,417 | — | — | — | — | |||||||||||||||
|
Tax gross up on preferred stock
dividends
|
874 | — | — | — | — | |||||||||||||||
|
Total Combined Fixed Charges and
Preferred Stock Dividends
|
$ | 562,900 | $ | 556,985 | $ | 570,646 | $ | 492,093 | $ | 371,667 | ||||||||||
|
Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
|
1.44 | 1.40 | 1.40 | 1.19 | 1.33 | |||||||||||||||