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

file	filename
10-Q - FORM 10-Q - FEDERAL EXPRESS CORP	c09778e10vq.htm
EX-15.1 - EXHIBIT 15.1 - FEDERAL EXPRESS CORP	c09778exv15w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDERAL EXPRESS CORP	c09778exv32w2.htm
EX-31.1 - EXHIBIT 31.1 - FEDERAL EXPRESS CORP	c09778exv31w1.htm
EX-32.1 - EXHIBIT 32.1 - FEDERAL EXPRESS CORP	c09778exv32w1.htm
EX-31.2 - EXHIBIT 31.2 - FEDERAL EXPRESS CORP	c09778exv31w2.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,
	2010		2009		2010		2009		2008		2007		2006

Earnings:
Income before income taxes	$	573	$	417	$	1,059	$	732	$	1,846	$	1,984	$	1,734
Add back:
Interest expense, net of capitalized interest		—		—		—		4		19		40		54
Portion of rent expense representative of interest factor		296		278		572		576		587		580		630


Earnings as adjusted	$	869	$	695	$	1,631	$	1,312	$	2,452	$	2,604	$	2,418


Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	4	$	19	$	40	$	54
Capitalized interest		32		38		65		58		46		32		27
Portion of rent expense representative of interest factor		296		278		572		576		587		580		630


	$	328	$	316	$	637	$	638	$	652	$	652	$	711


Ratio of Earnings to Fixed Charges		2.6		2.2		2.6		2.1		3.8		4.0		3.4

FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - December 17, 2010