Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201510-q311.htm |
| EX-31.2 - EXHIBIT 31.2 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201510-q312.htm |
| EX-32.1 - EXHIBIT 32.1 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201510-q321.htm |
| EX-32.2 - EXHIBIT 32.2 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201510-q322.htm |
| EXCEL - IDEA: XBRL DOCUMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | Financial_Report.xls |
| 10-Q - 10-Q - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201510-qq1.htm |
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended August 31, | Years Ended May 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Net income (loss) | $ | 20,612 | $ | 192,926 | $ | 358,087 | $ | (148,797 | ) | $ | 151,215 | $ | 110,547 | ||||||||||||||||
Add: Fixed charges | 156,552 | 654,655 | 692,025 | 761,849 | 841,288 | 912,227 | |||||||||||||||||||||||
Less: Interest capitalized(2) | — | — | — | (71 | ) | (208 | ) | (116 | ) | ||||||||||||||||||||
Income available for fixed charges | $ | 177,164 | $ | 847,581 | $ | 1,050,112 | $ | 612,981 | $ | 992,295 | $ | 1,022,658 | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest on all borrowings(3) | $ | 156,552 | $ | 654,655 | $ | 692,025 | $ | 761,778 | $ | 841,080 | $ | 912,111 | |||||||||||||||||
Interest capitalized | — | — | — | 71 | 208 | 116 | |||||||||||||||||||||||
Total fixed charges | $ | 156,552 | $ | 654,655 | $ | 692,025 | $ | 761,849 | $ | 841,288 | $ | 912,227 | |||||||||||||||||
Ratio of earnings to fixed charges (1) | 1.13 | 1.29 | 1.52 | — | 1.18 | 1.12 | |||||||||||||||||||||||
____________________________
(1) Earnings available to cover fixed charges were insufficient by $149 million in fiscal year 2012.
(2) Interest capitalized consists of interest paid in connection with financing the construction of our new headquarters building during the construction period.
(3) Interest expense includes the amortization of discounts and issuance costs.