EX-12.1 5 unhex12112312013.htm EXHIBIT UNH EX 12.1 12.31.2013


EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
(dollars in millions)
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings before income taxes
 
$
8,915

 
$
8,622

 
$
7,959

 
$
7,383

 
$
5,808

Fixed charges
 
839

 
732

 
594

 
570

 
642

Total earnings available for fixed charges
 
$
9,754

 
$
9,354

 
$
8,553

 
$
7,953

 
$
6,450

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
708

 
$
632

 
$
505

 
$
481

 
$
551

Interest component of rental payments
 
131

 
100

 
89

 
89

 
91

Total fixed charges
 
$
839

 
$
732

 
$
594

 
$
570

 
$
642

Ratio of earnings to fixed charges
 
11.6

 
12.8

 
14.4

 
14.0

 
10.0

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 plus the interest factor in rental expense.