EX-12.1 2 dex121.htm HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES dex121.htm
 
Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
  
For the Three
 
 
 
 
 
 
 
 
 
  
Months Ended
 
 
 
 
 
 
 
 
 
  
March 31,
 
 
 
 
 
 
 
 
 
  
2011 
 
2010 
Income (loss) from continuing operations before taxes
$
 468 
 
$
 348 
Sub-total of fixed charges
 
 77 
 
 
 75 
 
Sub-total of adjusted income (loss)
 
 545 
 
 
 423 
Interest on annuities and financial products
 
 610 
 
 
 624 
 
 
Adjusted income (loss) base
$
 1,155 
 
$
 1,047 
Fixed Charges
 
 
 
 
 
Interest and debt expense
$
 72 
 
$
 68 
Interest expense related to uncertain tax positions
 
 2 
 
 
 3 
Portion of rent expense representing interest
 
 3 
 
 
 4 
 
Sub-total of fixed charges excluding interest on annuities and financial products
 
 77 
 
 
 75 
Interest on annuities and financial products
 
 610 
 
 
 624 
 
 
Total fixed charges
$
 687 
 
$
 699 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest and
 
 
 
 
 
 
financial products
 
 7.08 
 
 
 5.64 
Ratio of adjusted income (loss) base to total fixed charges
 
 1.68 
 
 
 1.50