FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
10-Q - FORM 10-Q - FEDERAL EXPRESS CORP	c93746e10vq.htm
EX-15.1 - EXHIBIT 15.1 - FEDERAL EXPRESS CORP	c93746exv15w1.htm
EX-31.2 - EXHIBIT 31.2 - FEDERAL EXPRESS CORP	c93746exv31w2.htm
EX-32.1 - EXHIBIT 32.1 - FEDERAL EXPRESS CORP	c93746exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - FEDERAL EXPRESS CORP	c93746exv31w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDERAL EXPRESS CORP	c93746exv32w2.htm

EXHIBIT 12.1

FEDERAL EXPRESS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)


	Six Months Ended
	November 30,				Year Ended May 31,
	2009		2008		2009		2008		2007		2006		2005

Earnings:
Income before income taxes	$	417	$	857	$	732	$	1,846	$	1,984	$	1,734	$	1,305
Add back:
Interest expense, net of capitalized interest		—		7		4		19		40		54		73
Portion of rent expense representative of interest factor		278		291		576		587		580		630		600


Earnings as adjusted	$	695	$	1,155	$	1,312	$	2,452	$	2,604	$	2,418	$	1,978


Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	7	$	4	$	19	$	40	$	54	$	73
Capitalized interest		38		27		58		46		32		27		13
Portion of rent expense representative of interest factor		278		291		576		587		580		630		600


	$	316	$	325	$	638	$	652	$	652	$	711	$	686


Ratio of Earnings to Fixed Charges		2.2		3.6		2.1		3.8		4.0		3.4		2.9

FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - December 18, 2009