Exhibit 12
Ratio of Earnings to Fixed Charges
Humana Inc.
For the quarters and six months ended June 30, 2000 and 1999
(In millions)
Quarters Ended Six Months Ended
2000 1999 2000 1999 (a)
Earnings:
Income before income taxes $ 24 $ 44 $ 51 $ 19
Fixed charges 13 11 27 24
$ 37 $ 55 $ 78 $ 43
Fixed charges:
Interest charged to expense $ 7 $ 8 $ 15 $ 18
One-third of rent expense 6 3 12 6
$ 13 $ 11 $ 27 $ 24
Ratio of earnings to
fixed charges 2.8 4.9 2.9 1.8
The one-third of rent expense included in fixed charges is that proportion
deemed representative of the interest portion.
(a) Exclusive of the first quarter 1999 additional medical claims expense
of $90 million ($57 million after tax, or $0.34 per diluted share) and
a $12 million ($8 million after tax, or $0.04 per diluted share) gain
on the sale of a tangible asset, the ratio of earnings to fixed charges
for the six months ended June 30, 1999 would have been 5.0.