1
Exhibit 12
HUMANA INC.
RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEARS ENDED DECEMBER 31, 1993, DECEMBER 31, 1992,
AUGUST 31, 1992, AUGUST 31, 1991, AND AUGUST 31, 1990
AND THE FOUR MONTHS ENDED DECEMBER 31, 1992
Four
Years Ended Months Ended Years Ended
December 31, December 31, August 31,
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1993 1992 1992 1992 1991 1990
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Ratio of earnings
(losses) to
fixed charges 14.1 (A) 5.6 (A) 1.8 (A)
For the purpose of determining earnings in the calculation of the ratio of
earnings to fixed charges, earnings (losses) have been increased (reduced) by
the provision (benefit) for income taxes and fixed charges. Fixed charges
consist of interest expense on borrowings and one-third (the proportion
deemed representative of the interest portion) of rents.
(A) Earnings were inadequate to cover fixed charges by $139 million, $146
million and $6 million for the years ended December 31, 1992, August 31,
1992, and August 31, 1990, respectively. The deficiency for the years
ended December 31, 1992, and August 31, 1992 was caused by the recording of
$171 million (pre-tax) of restructuring and unusual charges in August
1992.