EX-12.0 3 dex12.htm HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES dex12.htm
 
Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
  
For the Six
 
 
 
 
 
 
 
 
 
  
Months Ended
 
 
 
 
 
 
 
 
 
  
June 30,
 
 
 
 
 
 
 
 
 
  
2011 
 
2010 
Income (loss) from continuing operations before taxes
$
 911 
 
$
 679 
Sub-total of fixed charges
 
 156 
 
 
 144 
 
Sub-total of adjusted income (loss)
 
 1,067 
 
 
 823 
Interest on annuities and financial products
 
 1,234 
 
 
 1,244 
 
 
Adjusted income (loss) base
$
 2,301 
 
$
 2,067 
Fixed Charges
 
 
 
 
 
Interest and debt expense
$
 144 
 
$
 137 
Interest expense related to uncertain tax positions
 
 5 
 
 
 - 
Portion of rent expense representing interest
 
 7 
 
 
 7 
 
Sub-total of fixed charges excluding interest on annuities and financial products
 
 156 
 
 
 144 
Interest on annuities and financial products
 
 1,234 
 
 
 1,244 
 
 
Total fixed charges
$
 1,390 
 
$
 1,388 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest and
 
 
 
 
 
 
financial products
 
 6.84 
 
 
 5.72 
Ratio of adjusted income (loss) base to total fixed charges
 
 1.66 
 
 
 1.49