FEDEX CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
10-Q - FORM 10-Q - FEDEX CORP	c97913e10vq.htm
EX-31.2 - EXHIBIT 31.2 - FEDEX CORP	c97913exv31w2.htm
EX-10.1 - EXHIBIT 10.1 - FEDEX CORP	c97913exv10w1.htm
EX-10.3 - EXHIBIT 10.3 - FEDEX CORP	c97913exv10w3.htm
EX-15.1 - EXHIBIT 15.1 - FEDEX CORP	c97913exv15w1.htm
EX-31.1 - EXHIBIT 31.1 - FEDEX CORP	c97913exv31w1.htm
EX-10.6 - EXHIBIT 10.6 - FEDEX CORP	c97913exv10w6.htm
EX-10.2 - EXHIBIT 10.2 - FEDEX CORP	c97913exv10w2.htm
EX-10.5 - EXHIBIT 10.5 - FEDEX CORP	c97913exv10w5.htm
EX-32.1 - EXHIBIT 32.1 - FEDEX CORP	c97913exv32w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDEX CORP	c97913exv32w2.htm
EX-10.4 - EXHIBIT 10.4 - FEDEX CORP	c97913exv10w4.htm
EXCEL - IDEA: XBRL DOCUMENT - FEDEX CORP	Financial_Report.xls

EXHIBIT 12.1

FEDEX 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	$	1,222	$	1,551	$	677	$	2,016	$	3,215	$	2,899	$	2,313
Add back:
Interest expense, net of capitalized interest		58		61		85		98		136		142		160
Amortization of debt issuance costs		10		4		5		5		6		5		6
Portion of rent expense representative of interest factor		578		601		795		784		766		842		800


Earnings as adjusted	$	1,868	$	2,217	$	1,562	$	2,903	$	4,123	$	3,888	$	3,279


Fixed Charges:
Interest expense, net of capitalized interest	$	58	$	61	$	85	$	98	$	136	$	142	$	160
Capitalized interest		62		49		71		50		34		33		22
Amortization of debt issuance costs		10		4		5		5		6		5		6
Portion of rent expense representative of interest factor		578		601		795		784		766		842		800

	$	708	$	715	$	956	$	937	$	942	$	1,022	$	988


Ratio of Earnings to Fixed Charges		2.6		3.1		1.6		3.1		4.4		3.8		3.3

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