Humana (HUM) 10-K 2017 FY Annual report

Exhibit 12

Humana Inc.
Computation of Ratio of Earnings to Fixed Charges

	For the twelve months ended December 31,
	2017		2016		2015		2014		2013
	(Dollars in millions)
Income before income taxes	$	4,020	$	1,552	$	2,431	$	2,170	$	1,921
Fixed charges	310		249		253		267		216
Total earnings	$	4,330	$	1,801	$	2,684	$	2,437	$	2,137
Interest charged to expense	$	242	$	189	$	186	$	192	$	140
One-third of rent expense	68		60		67		75		76
Total fixed charges	$	310	$	249	$	253	$	267	$	216
Ratio of earnings to fixed charges (1)(2)	14.0x		7.2x		10.6x		9.1x		9.9x

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.