UnitedHealth (UNH) 10-Q 2008 Q3 Quarterly report

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	Three Months Ended September 30,
	2008		2007
Earnings:
Earnings before income taxes	$	1,432	$	2,013
Add back:
Fixed charges		187		160
Total earnings available for fixed charges	$	1,619	$	2,173
Fixed Charges:
Interest, capitalized and expensed	$	166	$	142
Interest component of rental payments		21		18
Total fixed charges	$	187	$	160
Convertible preferred stock dividends		—		—
Total fixed charges and preferred stock dividends	$	187	$	160
Ratio of earnings to fixed charges		8.7		13.6
Ratio of earnings to fixed charges and preferred stock dividends		8.7		13.6

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	Nine Months Ended September 30,
	2008		2007
Earnings:
Earnings before income taxes	$	3,500	$	5,420
Add back:
Fixed charges		544		441
Total earnings available for fixed charges	$	4,044	$	5,861
Fixed Charges:
Interest, capitalized and expensed	$	484	$	391
Interest component of rental payments		60		50
Total fixed charges	$	544	$	441
Convertible preferred stock dividends		—		—
Total fixed charges and preferred stock dividends	$	544	$	441
Ratio of earnings to fixed charges		7.4		13.3
Ratio of earnings to fixed charges and preferred stock dividends		7.4		13.3

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.