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 Six
 
 
 
 
Months Ended
 
 
 
 
June 30,
 
 
 
 
2012 
 
2011 
 
Income (loss) from continuing operations before taxes
$
 750
 
$
 838
 
Sub-total of fixed charges
 
 140
 
 
 156
 
 
Sub-total of adjusted income (loss)
 
 890
 
 
 994
 
Interest on annuities and financial products
 
 1,237
 
 
 1,234
 
 
 
Adjusted income (loss) base
$
 2,127
 
$
 2,228
 
Fixed Charges
 
 
 
 
 
 
Interest and debt expense
$
 135
 
$
 144
 
Interest expense related to uncertain tax positions
 
 1
 
 
 5
 
Portion of rent expense representing interest
 
 4
 
 
 7
 
 
Sub-total of fixed charges excluding interest on annuities and financial products
 
 140
 
 
 156
 
Interest on annuities and financial products
 
 1,237
 
 
 1,234
 
 
 
Total fixed charges
$
 1,377
 
$
 1,390
 
 
 
 
 
 
 
 
 
 
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest on annuities and financial products
 
 6.36
 
 
 6.37
 
Ratio of adjusted income (loss) base to total fixed charges
 
 1.54
 
 
 1.60