Humana (HUM) 10-Q 2016 Q2 Quarterly report

Exhibit 12

Humana Inc.
Computation of Ratio of Earnings to Fixed Charges

	For the six months ended June 30,		For the twelve months ended December 31,
	2016		2015		2014		2013		2012		2011
	(Dollars in millions)
Income before income taxes	$	1,136	$	2,431	$	2,170	$	1,921	$	1,911	$	2,235
Fixed charges	123		253		267		216		178		178
Total earnings	$	1,259	$	2,684	$	2,437	$	2,137	$	2,089	$	2,413
Interest charged to expense	$	94	$	186	$	192	$	140	$	105	$	109
One-third of rent expense	29		67		75		76		73		69
Total fixed charges	$	123	$	253	$	267	$	216	$	178	$	178
Ratio of earnings to fixed charges (1)(2)	10.2x		10.6x		9.1x		9.9x		11.7x		13.6x

Notes

(1) For the purposes of determining the ratio of earnings to fixed charges, earnings consist of income before income taxes and fixed charges. Fixed charges include gross interest expense, amortization of deferred financing expenses and an amount equivalent to interest included in rental charges. One-third of rental expense represents a reasonable approximation of the interest amount.

(2) There are no shares of preferred stock outstanding.