Attached files
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Years Ended May 31, 2015, 2014, 2013, 2012 and 2011
(Dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings: | |||||||||||||||||||||
Net income (loss) | $ | (18,927 | ) | $ | 192,926 | $ | 358,087 | $ | (148,797 | ) | $ | 151,215 | |||||||||
Add: Fixed charges | 635,684 | 654,655 | 692,025 | 761,849 | 841,288 | ||||||||||||||||
Less: Interest capitalized(2) | — | — | — | (71 | ) | (208 | ) | ||||||||||||||
Income available for fixed charges | $ | 616,757 | $ | 847,581 | $ | 1,050,112 | $ | 612,981 | $ | 992,295 | |||||||||||
Fixed charges: | |||||||||||||||||||||
Interest on all borrowings(3) | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,778 | $ | 841,080 | |||||||||||
Interest capitalized | — | — | — | 71 | 208 | ||||||||||||||||
Total fixed charges | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,849 | $ | 841,288 | |||||||||||
Ratio of earnings to fixed charges (1) | — | 1.29 | 1.52 | — | 1.18 |
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(1) Earnings available to cover fixed charges were insufficient by $19 million and $149 million for fiscal years ended May 31, 2015 and 2012, respectively.
(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.