Humana (HUM) 10-K2005 FY Annual report

Filed: 3 Mar 06, 12:00am

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Exhibit 12

Humana Inc.

Computation of Ratio of Earnings to Fixed Charges


	For the year ended December 31,
	2005			2004			2003			2002			2001
	(Dollars in thousands)
Income before income taxes	$	421,714		$	415,850		$	344,716		$	209,934		$	183,080
Fixed charges		66,434			49,246			40,972			44,349			52,010

Total earnings	$	488,148		$	465,096		$	385,688		$	254,283		$	235,090

Interest charged to expense	$	39,315		$	23,172		$	17,367		$	17,252		$	25,302
One-third of rent expense		27,119			26,074			23,605			27,097			26,708

Total fixed charges	$	66,434		$	49,246		$	40,972		$	44,349		$	52,010

Ratio of earnings to fixed charges (1)(2)		7.3	x		9.4	x		9.4	x		5.7	x		4.5	x

Notes

(1)

For the purposes of determining the ratio of earnings to fixed charges, earnings consist of income or loss 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.