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

file	filename
10-Q - FORM 10-Q - FEDERAL EXPRESS CORP	c14220e10vq.htm
EX-15.1 - EXHIBIT 15.1 - FEDERAL EXPRESS CORP	c14220exv15w1.htm
EX-31.2 - EXHIBIT 31.2 - FEDERAL EXPRESS CORP	c14220exv31w2.htm
EX-31.1 - EXHIBIT 31.1 - FEDERAL EXPRESS CORP	c14220exv31w1.htm
EX-32.1 - EXHIBIT 32.1 - FEDERAL EXPRESS CORP	c14220exv32w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDERAL EXPRESS CORP	c14220exv32w2.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,
	2011		2010		2010		2009		2008		2007		2006

Earnings:
Income before income taxes	$	729	$	661	$	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		446		417		572		576		587		580		630


Earnings as adjusted	$	1,175	$	1,078	$	1,631	$	1,312	$	2,452	$	2,604	$	2,418


Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	4	$	19	$	40	$	54
Capitalized interest		47		52		65		58		46		32		27
Portion of rent expense representative of interest factor		446		417		572		576		587		580		630


	$	493	$	469	$	637	$	638	$	652	$	652	$	711


Ratio of Earnings to Fixed Charges		2.4		2.3		2.6		2.1		3.8		4.0		3.4

FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - March 18, 2011