Attached files
| file | filename |
|---|---|
| EX-31.1 - SECTION 302 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit311.htm |
| EX-32.2 - SECTION 906 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit322.htm |
| EX-32.1 - SECTION 906 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit321.htm |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit312.htm |
| EX-10.1 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 19, 2018 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit101.htm |
| 10-Q - NRU FY2016 10-Q Q2 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201610-qq2.htm |
| EX-10.2 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 19, 2020 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru2qfy201610-qexhibit102.htm |
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Six Months Ended November 30, | Years Ended May 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Net income (loss) | $ | 18,607 | $ | (18,927 | ) | $ | 192,926 | $ | 358,087 | $ | (148,797 | ) | $ | 151,215 | |||||||||||||||
Add: Fixed charges | 332,824 | 635,684 | 654,655 | 692,025 | 761,849 | 841,288 | |||||||||||||||||||||||
Less: Interest capitalized(1) | — | — | — | — | (71 | ) | (208 | ) | |||||||||||||||||||||
Income available for fixed charges | $ | 351,431 | $ | 616,757 | $ | 847,581 | $ | 1,050,112 | $ | 612,981 | $ | 992,295 | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest on all borrowings(2) | $ | 332,824 | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,778 | $ | 841,080 | |||||||||||||||||
Interest capitalized | — | — | — | — | 71 | 208 | |||||||||||||||||||||||
Total fixed charges | $ | 332,824 | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,849 | $ | 841,288 | |||||||||||||||||
Ratio of earnings to fixed charges | 1.06 | 0.97 | 1.29 | 1.52 | 0.80 | 1.18 | |||||||||||||||||||||||
____________________________
(1)Interest capitalized consists of interest paid in connection with financing the construction of our new headquarters building during the construction period.
(2)Interest expense includes the amortization of discounts and issuance costs.