Attached files
Exhibit 12.1
Federal Home Loan Bank of Pittsburgh
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
| For the year ended December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2009(1) | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings |
||||||||||||||||||||
Income (loss) before assessments and cumulative effect of change in accounting principle |
$ | (37,457 | ) | $ | 26,425 | $ | 322,426 | $ | 294,798 | $ | 261,130 | |||||||||
Fixed charges |
1,184,498 | 3,070,642 | 3,912,183 | 3,419,591 | 2,142,983 | |||||||||||||||
Earnings available for fixed charges |
$ | 1,147,041 | $ | 3,097,067 | $ | 4,234,609 | $ | 3,714,389 | $ | 2,404,113 | ||||||||||
Fixed charges |
||||||||||||||||||||
Interest expense |
$ | 1,183,808 | $ | 3,069,909 | $ | 3,911,326 | 3,418,774 | 2,142,256 | ||||||||||||
Interest portion of net rent expense(2) |
690 | 733 | 857 | 817 | 727 | |||||||||||||||
Total fixed charges |
$ | 1,184,498 | $ | 3,070,642 | $ | 3,912,183 | $ | 3,419,591 | $ | 2,142,983 | ||||||||||
Ratio of earnings to fixed charges |
0.97 | 1.01 | 1.08 | 1.09 | 1.12 | |||||||||||||||
| Notes: | ||
| (1) | Earnings were inadequate to cover fixed charges by approximately $37.4 million for the year ended December 31, 2009. | |
| (2) | Represents one-third (the proportion deemed representative of the interest portion) of rent expense. | |