-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, JZ5Q1m+N5sDxt7wQByr+SX7zqveKyf4WR9dFSbdjEQiUmM73ZLTX5ub5DQ18n3CV tAQIO8zUNXB3Yz1ugMufGg== 0000059558-94-000055.txt : 19940923 0000059558-94-000055.hdr.sgml : 19940923 ACCESSION NUMBER: 0000059558-94-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940922 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19940922 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN NATIONAL CORP CENTRAL INDEX KEY: 0000059558 STANDARD INDUSTRIAL CLASSIFICATION: 6311 IRS NUMBER: 351140070 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06028 FILM NUMBER: 94549911 BUSINESS ADDRESS: STREET 1: 1300 S CLINTON ST STREET 2: PO BOX 1110 CITY: FORT WAYNE STATE: IN ZIP: 46801 BUSINESS PHONE: 2194552000 8-K 1 TEXT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: September 22, 1994 Date of earliest event reported: September 22, 1994 LINCOLN NATIONAL CORPORATION (exact name of registrant as specified in its charter) Indiana 1-6028 35-1140070 (State of (Commission File Number) (IRS Employer Incorporation) Identification No. 200 East Berry Street, Fort Wayne, Indiana 46802-2706 (Address of principal executive offices) (Zip Code) 219-455-2000 (Registrant's telephone number) Page 1 of 4 -2- Item 5. Other Events This calculation is being filed in connection with the Company's Registration Statement on Form S-3, File No. 33-55379, and the Company's proposed issuance of $200.0 million of principal amount of Debentures due in 2024 (the "Debentures"). Pro forma ratios are after giving effect to the net increase in interest expense due to the issuance of the Debentures at a maximum assumed rate of 9 1/4%, less the repayment of $200.0 million of short-term debt at a weighted average interest rate of 4.82%. A decrease of 1/8 of 1% in the assumed interest rate for the Debentures increases the ratio described in note 1 below by 0.04 for both the six months ended June 30, 1994 and the year ended December 31, 1993, and there would be no change in the ratios described in notes 2 and 3 below.
PRO FORMA CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Six Months Ended Year Ended Ended Year Ended June 30, December 31, June 30, December 31, 1994 1993 1994 1993 [9 1/4% LT, 4.82% ST] [9 1/8% LT, 4.82% ST] Earnings: Income before federal income tax and cumulative effect of accounting change --------------------- 219.2 578.9 219.4 579.2 Undistributed earnings of unconsolidated affiliates ----------------- (4.9) (4.9) Fixed charges, excluding interest on annuities and financial products ----- 36.2 71.8 36.0 71.5 Earnings, excluding interest on annuities and financial products ------- 250.5 650.7 250.5 650.7 Interest on annuities and financial products --------- 622.9 1,315.8 622.9 1,315.8 Earnings ------------------ 873.4 1,966.5 873.4 1,966.5 Fixed Charges: Interest expense on debt----- 27.2 53.2 27.0 52.9 Interest component of rent expense --------------- 9.0 18.6 9.0 18.6 Fixed charges, excluding interest on annuities and financial products --- 36.2 71.8 36.0 71.5 Interest on annuities and financial products --------- 622.9 1,315.8 622.9 1,315.8 Fixed charges ------------- 659.1 1,387.6 658.9 1,387.3 Pre-tax earnings to cover preferred stock dividends -- 9.8 24.2 9.8 24.2 Combined fixed charges and preferred stock dividends ---------------- 668.9 1,411.8 668.7 1,411.5 Ratios of Earnings to Fixed: Excluding interest on annuities and financial products (1) --------------- 6.920 9.063 6.958 9.101 Including interest on annuities and financial products (2) --------------- 1.325 1.417 1.326 1.418 Ratio of earnings to combined fixed charges and preferred stock dividends (3) -------------- 1.306 1.393 1.306 1.393 -3- (1) This ratio is comprised of the relationship of "earnings excluding interest on annuities and financial products" to "fixed charges excluding interest on annuities and financial products" as disclosed above. (2) This ratio is comprised of the relationship of "earnings" to "combined fixed charges" as disclosed above. (3) This ratio is comprised of the relationship of "earnings" to "combined fixed charges and preferred stock dividends" as disclosed above.
-4- SIGNATURE PAGE LINCOLN NATIONAL CORPORATION Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Lincoln National Corporation By /s/ Richard C. Vaughan Richard C. Vaughan Senior Vice President and Chief Financial Officer By /s/ Donald L. Van Wyngarden Donald L. Van Wyngarden Second Vice President and Controller Date September 22, 1994 -----END PRIVACY-ENHANCED MESSAGE-----