# UnitedHealth Group (UNH)

## UNH»Topics» Computation of Ratio of Earnings to Fixed Charges

This excerpt taken from the UNH 10-Q filed May 7, 2009.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Three Months EndedMarch 31, 2009 2008 Earnings: Earnings before income taxes \$ 1,537 \$ 1,559 Add back: Fixed charges 155 172 Total earnings available for fixed charges \$ 1,692 \$ 1,731 Fixed Charges: Interest, capitalized and expensed \$ 131 \$ 154 Interest component of rental payments 24 18 Total fixed charges \$ 155 \$ 172 Ratio of earnings to fixed charges 10.9 10.1

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-K filed Feb 11, 2009.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 December 31,2008 December 31,2007 December 31,2006 December 31,2005 December 31,2004 Earnings: Earnings before income taxes \$ 5,263 \$ 7,849 \$ 6,984 \$ 5,080 \$ 3,858 Add back: Fixed charges 718 629 533 294 168 Total earnings available for fixed charges \$ 5,981 \$ 8,478 \$ 7,517 \$ 5,374 \$ 4,026 Fixed Charges: Interest, capitalized and expensed \$ 639 \$ 562 \$ 470 \$ 248 \$ 132 Interest component of rental payments 79 67 63 46 36 Total fixed charges \$ 718 \$ 629 \$ 533 \$ 294 \$ 168 Ratio of earnings to fixed charges 8.3 13.5 14.1 18.3 24.0

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-Q filed Nov 7, 2008.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Nine Months EndedSeptember 30, 2008 2007 Earnings: Earnings before income taxes \$ 3,500 \$ 5,420 Add back: Fixed charges 544 441 Total earnings available for fixed charges \$ 4,044 \$ 5,861 Fixed Charges: Interest, capitalized and expensed \$ 484 \$ 391 Interest component of rental payments 60 50 Total fixed charges \$ 544 \$ 441 Convertible preferred stock dividends — — Total fixed charges and preferred stock dividends \$ 544 \$ 441 Ratio of earnings to fixed charges 7.4 13.3 Ratio of earnings to fixed charges and preferred stock dividends 7.4 13.3

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-Q filed Aug 7, 2008.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Six Months Ended June 30, 2008 2007 Earnings: Earnings before income taxes \$ 2,068 \$ 3,407 Add back: Fixed charges 357 281 Total earnings available for fixed charges \$ 2,425 \$ 3,688 Fixed Charges: Interest, capitalized and expensed \$ 318 \$ 249 Interest component of rental payments 39 32 Total fixed charges \$ 357 \$ 281 Convertible preferred stock dividends — — Total fixed charges and preferred stock dividends \$ 357 \$ 281 Ratio of earnings to fixed charges 6.8 13.1 Ratio of earnings to fixed charges and preferred stock dividends 6.8 13.1

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-Q filed May 2, 2008.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Three Months Ended March 31, 2008 2007 Earnings: Earnings before income taxes \$ 1,559 \$ 1,466 Add back: Fixed charges 172 131 Total earnings available for fixed charges \$ 1,731 \$ 1,597 Fixed Charges: Interest, capitalized and expensed \$ 154 \$ 116 Interest component of rental payments 18 15 Total fixed charges \$ 172 \$ 131 Convertible preferred stock dividends — — Total fixed charges and preferred stock dividends \$ 172 \$ 131 Ratio of earnings to fixed charges 10.1 12.2 Ratio of earnings to fixed charges and preferred stock dividends 10.1 12.2

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-K filed Feb 21, 2008.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 December 31,2007 December 31,2006 December 31,2005 December 31,2004 December 31,2003 Earnings: Earnings from Continuing Operations \$ 7,849 \$ 6,984 \$ 5,080 \$ 3,858 \$ 2,671 Add back: Fixed charges 629 533 294 168 137 Total earnings \$ 8,478 \$ 7,517 \$ 5,374 \$ 4,026 \$ 2,808 Fixed Charges: Interest, capitalized and expensed \$ 544 \$ 456 \$ 241 \$ 128 \$ 95 Interest component of rental payments 67 63 46 36 40 Amortization of debt discount and debt expense 18 14 7 4 2 Total fixed charges \$ 629 \$ 533 \$ 294 \$ 168 \$ 137 Ratio of Earnings to Fixed Charges 13.5 14.1 18.3 24.0 20.5

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-Q filed Nov 1, 2007.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Nine Months Ended September 30, 2007 2006 Earnings: Earnings from Continuing Operations \$ 5,811 \$ 5,003 Add back: Fixed charges 456 382 Total earnings \$ 6,267 \$ 5,385 Fixed Charges: Interest, capitalized and expensed \$ 391 \$ 327 Interest component of rental payments 50 47 Amortization of debt discount and debt expense 15 8 Total fixed charges \$ 456 \$ 382 Ratio of Earnings to Fixed Charges 13.7 14.1

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized plus the interest factor in rental expense.

This excerpt taken from the UNH 10-Q filed Aug 6, 2007.

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

 Six Months Ended June 30, 2007 2006 Earnings: Earnings from Continuing Operations \$ 3,656 \$ 3,140 Add back: Fixed charges 291 234 Total earnings \$ 3,947 \$ 3,374 Fixed Charges: Interest, capitalized and expensed \$ 249 \$ 198 Interest component of rental payments 32 31 Amortization of debt discount and debt expense 10 5 Total fixed charges \$ 291 \$ 234 Ratio of Earnings to Fixed Charges 13.6 14.4

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized plus the interest factor in rental expense.