Attached files
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| 8-K - 8-K - GLOBE LIFE INC. | d412558d8k.htm |
Exhibit 12
Exhibit 12. Statement re computation of ratios
TORCHMARK CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
| Earnings: |
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| Pre-tax earnings |
$ | 356,615 | $ | 356,569 | $ | 723,782 | $ | 750,570 | $ | 543,570 | $ | 589,446 | $ | 689,909 | ||||||||||||||
| Fixed charges |
39,436 | 39,274 | 79,481 | 77,152 | 71,570 | 64,918 | 69,532 | |||||||||||||||||||||
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| Earnings before fixed charges |
$ | 396,051 | $ | 395,843 | $ | 803,263 | $ | 827,722 | $ | 615,140 | $ | 654,364 | $ | 759,441 | ||||||||||||||
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| Fixed charges: |
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| Interest expense* |
$ | 38,330 | $ | 37,955 | $ | 76,980 | $ | 74,669 | $ | 69,260 | $ | 62,721 | $ | 67,089 | ||||||||||||||
| Amortization of bond issue costs |
495 | 458 | 928 | 860 | 672 | 508 | 475 | |||||||||||||||||||||
| Estimated interest factor of rental expense |
611 | 861 | 1,573 | 1,623 | 1,638 | 1,689 | 1,968 | |||||||||||||||||||||
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| Total fixed charges |
$ | 39,436 | $ | 39,274 | $ | 79,481 | $ | 77,152 | $ | 71,570 | $ | 64,918 | $ | 69,532 | ||||||||||||||
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| Ratio of earnings to fixed charges |
10.0 | 10.1 | 10.1 | 10.7 | 8.6 | 10.1 | 10.9 | |||||||||||||||||||||
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| Earnings before fixed charges |
$ | 396,051 | $ | 395,843 | $ | 803,263 | $ | 827,722 | $ | 615,140 | $ | 654,364 | $ | 759,441 | ||||||||||||||
| Interest credited for deposit products |
35,977 | 35,275 | 70,746 | 69,742 | 64,799 | 57,176 | 52,403 | |||||||||||||||||||||
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| Adjusted earnings before fixed charges |
$ | 432,028 | $ | 431,118 | $ | 874,009 | $ | 897,464 | $ | 679,939 | $ | 711,540 | $ | 811,844 | ||||||||||||||
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| Fixed charges |
$ | 39,436 | $ | 39,274 | $ | 79,481 | $ | 77,152 | $ | 71,570 | $ | 64,918 | $ | 69,532 | ||||||||||||||
| Interest credited for deposit products |
35,977 | 35,275 | 70,746 | 69,742 | 64,799 | 57,176 | 52,403 | |||||||||||||||||||||
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| Adjusted fixed charges |
$ | 75,413 | $ | 74,549 | $ | 150,227 | $ | 146,894 | $ | 136,369 | $ | 122,094 | $ | 121,935 | ||||||||||||||
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| Ratio of earnings to fixed charges including interest credited on deposit products as a fixed charge |
5.7 | 5.8 | 5.8 | 6.1 | 5.0 | 5.8 | 6.7 | |||||||||||||||||||||
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| Rental expense |
$ | 1,851 | $ | 2,608 | $ | 4,767 | $ | 4,919 | $ | 4,963 | $ | 5,117 | $ | 5,964 | ||||||||||||||
| Estimated interest factor of rental expense (33%) |
$ | 611 | $ | 861 | $ | 1,573 | $ | 1,623 | $ | 1,638 | $ | 1,689 | $ | 1,968 | ||||||||||||||
| * | There was no interest capitalized in any period indicated. |