UnitedHealth (UNH) 10-Q 2008 Q2 Quarterly report

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	Three Months Ended June 30,
	2008		2007
Earnings:
Earnings before income taxes	$	509	$	1,941
Add back:
Fixed charges		185		149
Total earnings available for fixed charges	$	694	$	2,090
Fixed Charges:
Interest, capitalized and expensed	$	164	$	133
Interest component of rental payments		21		16
Total fixed charges	$	185	$	149
Convertible preferred stock dividends		—		—
Total fixed charges and preferred stock dividends	$	185	$	149
Ratio of earnings to fixed charges		3.8		14.0
Ratio of earnings to fixed charges and preferred stock dividends		3.8		14.0

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	Six Months Ended June 30,
	2008		2007
Earnings:
Earnings before income taxes	$	2,068	$	3,407
Add back:
Fixed charges		357		281
Total earnings available for fixed charges	$	2,425	$	3,688
Fixed Charges:
Interest, capitalized and expensed	$	318	$	249
Interest component of rental payments		39		32
Total fixed charges	$	357	$	281
Convertible preferred stock dividends		—		—
Total fixed charges and preferred stock dividends	$	357	$	281
Ratio of earnings to fixed charges		6.8		13.1
Ratio of earnings to fixed charges and preferred stock dividends		6.8		13.1

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.