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

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10-Q - FORM 10-Q - FEDERAL EXPRESS CORP	c25954e10vq.htm
EX-31.1 - EXHIBIT 31.1 - FEDERAL EXPRESS CORP	c25954exv31w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDERAL EXPRESS CORP	c25954exv32w2.htm
EX-31.2 - EXHIBIT 31.2 - FEDERAL EXPRESS CORP	c25954exv31w2.htm
EX-32.1 - EXHIBIT 32.1 - FEDERAL EXPRESS CORP	c25954exv32w1.htm
EXCEL - IDEA: XBRL DOCUMENT - FEDERAL EXPRESS CORP	Financial_Report.xls
EX-15.1 - EXHIBIT 15.1 - FEDERAL EXPRESS CORP	c25954exv15w1.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,
	2011		2010		2011		2010		2009		2008		2007

Earnings:
Income before income taxes	$	621	$	573	$	1,140	$	1,059	$	732	$	1,846	$	1,984
Add back:
Interest expense, net of capitalized interest		—		—		—		—		4		19		40
Portion of rent expense representative of interest factor		301		296		611		572		576		587		580


Earnings as adjusted	$	922	$	869	$	1,751	$	1,631	$	1,312	$	2,452	$	2,604


Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	—	$	4	$	19	$	40
Capitalized interest		45		32		61		65		58		46		32
Portion of rent expense representative of interest factor		301		296		611		572		576		587		580


	$	346	$	328	$	672	$	637	$	638	$	652	$	652


Ratio of Earnings to Fixed Charges		2.7		2.6		2.6		2.6		2.1		3.8		4.0

FEDERAL EXPRESS CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - December 16, 2011