Exhibit 12 |
LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
For the Six | ||||||||
Months Ended | ||||||||
June 30, | ||||||||
2012 | 2011 | |||||||
Income (loss) from continuing operations before taxes | $ | 750 | $ | 838 | ||||
Sub-total of fixed charges | 140 | 156 | ||||||
Sub-total of adjusted income (loss) | 890 | 994 | ||||||
Interest on annuities and financial products | 1,237 | 1,234 | ||||||
Adjusted income (loss) base | $ | 2,127 | $ | 2,228 | ||||
Fixed Charges | ||||||||
Interest and debt expense | $ | 135 | $ | 144 | ||||
Interest expense related to uncertain tax positions | 1 | 5 | ||||||
Portion of rent expense representing interest | 4 | 7 | ||||||
Sub-total of fixed charges excluding interest on annuities and financial products | 140 | 156 | ||||||
Interest on annuities and financial products | 1,237 | 1,234 | ||||||
Total fixed charges | $ | 1,377 | $ | 1,390 | ||||
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest on annuities and financial products | 6.36 | 6.37 | ||||||
Ratio of adjusted income (loss) base to total fixed charges | 1.54 | 1.60 |