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

file	filename
10-Q - FORM 10-Q - FEDERAL EXPRESS CORP	c97980e10vq.htm
EX-32.1 - EXHIBIT 32.1 - FEDERAL EXPRESS CORP	c97980exv32w1.htm
EX-15.1 - EXHIBIT 15.1 - FEDERAL EXPRESS CORP	c97980exv15w1.htm
EX-31.1 - EXHIBIT 31.1 - FEDERAL EXPRESS CORP	c97980exv31w1.htm
EX-31.2 - EXHIBIT 31.2 - FEDERAL EXPRESS CORP	c97980exv31w2.htm
EX-32.2 - EXHIBIT 32.2 - FEDERAL EXPRESS CORP	c97980exv32w2.htm

EXHIBIT 12.1

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


	Nine Months Ended
	February 28,				Year Ended May 31,
	2010		2009		2009		2008		2007		2006		2005
Earnings:
Income before income taxes	$	661	$	888	$	732	$	1,846	$	1,984	$	1,734	$	1,305
Add back:
Interest expense, net of capitalized interest		—		9		4		19		40		54		73
Portion of rent expense representative of interest factor		417		436		576		587		580		630		600


Earnings as adjusted	$	1,078	$	1,333	$	1,312	$	2,452	$	2,604	$	2,418	$	1,978


Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	9	$	4	$	19	$	40	$	54	$	73
Capitalized interest		52		41		58		46		32		27		13
Portion of rent expense representative of interest factor		417		436		576		587		580		630		600


	$	469	$	486	$	638	$	652	$	652	$	711	$	686


Ratio of Earnings to Fixed Charges		2.3		2.7		2.1		3.8		4.0		3.4		2.9

FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - March 19, 2010