UnitedHealth (UNH) 10-Q 2007 Q2 Quarterly report

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	Six Months Ended June 30,
	2007		2006
Earnings:
Earnings from Continuing Operations	$	3,656	$	3,140
Add back:
Fixed charges		291		234
Total earnings	$	3,947	$	3,374
Fixed Charges:
Interest, capitalized and expensed	$	249	$	198
Interest component of rental payments		32		31
Amortization of debt discount and debt expense		10		5
Total fixed charges	$	291	$	234
Ratio of Earnings to Fixed Charges		13.6		14.4

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized plus the interest factor in rental expense.

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Dollars in millions

	Six Months Ended June 30,
	2007		2006
Earnings:
Earnings from Continuing Operations	$	3,656	$	3,140
Add back:
Fixed charges		291		234
Total earnings	$	3,947	$	3,374
Fixed Charges:
Interest, capitalized and expensed	$	249	$	198
Interest component of rental payments		32		31
Amortization of debt discount and debt expense		10		5
Convertible Preferred Stock Dividends		—		—
Total fixed charges	$	291	$	234
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		13.6		14.4

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized plus the interest factor in rental expense and any preferred stock dividend requirements, adjusted to a pretax basis.