Three Months Ended

March 31,

Year Ended December 31,

2012

2011

2011

2010

2009

2008

2007

(Dollars In Thousands)

Computation of Ratio of Consolidated Earnings to Fixed Charges

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

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

Add Imputed interest on operating leases

593

570

2,267

2,300

2,200

2,133

2,567

Add Interest Credited on Investment Products

243,608

237,391

993,574

972,806

993,245

1,043,676

1,010,944

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

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

Add Imputed interest on operating leases

593

570

2,267

2,300

2,200

2,133

2,567

Add Interest Credited on Investment Products

243,608

237,391

993,574

972,806

993,245

1,043,676

1,010,944

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

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

Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products

Income before change in accounting principle and before income tax

$

150,579

$

90,765

$

470,231

$

335,217

$

382,185

$

(143,328

)

$

369,720

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

Add Imputed interest on operating leases

593

570

2,267

2,300

2,200

2,133

2,567

Earnings before Interest and Taxes

$

189,980

$

130,812

$

631,577

$

488,547

$

498,475

$

(3,695

)

$

496,787

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

Add Imputed interest on operating leases

593

570

2,267

2,300

2,200

2,133

2,567

Interest Expense and Imputed Interest on Operating Leases

$

39,401

$

40,047

$

161,346

$

153,330

$

116,290

$

139,633

$

127,067

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