EX-12.0 2 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 Three
  
 
Months Ended
  
 
March 31,
  
 
2013
  
2012
  
Income (loss) from continuing operations before taxes
 $ 305   $ 307  
Sub-total of fixed charges
   67     67  
Sub-total of adjusted income (loss)
   372     374  
Interest on annuities and financial products
   613     621  
Adjusted income (loss) base
 $ 985   $ 995  
Fixed Charges
            
Interest and debt expense
 $ 64   $ 67  
Interest expense related to uncertain tax positions
   -     (3 )
Portion of rent expense representing interest
   3     3  
    Sub-total of fixed charges excluding interest on annuities and financial products   67     67  
Interest on annuities and financial products
   613     621  
Total fixed charges
 $ 680   $ 688  
             
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest on annuities and financial products   5.55     5.58  
Ratio of adjusted income (loss) base to total fixed charges   1.45     1.45