NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ - FORM 10-Q - EX-12 - COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES - January 13, 2017

Attached files

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EX-10.7 - AMENDED AND RESTATED MASTER SALE AND SERVICING AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex107.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex322.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex321.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex312.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex311.htm
EX-10.6 - THIRD AMENDED, RESTATED AND CONSOLIDATED BOND GUARANTEE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex106.htm
EX-10.5 - THIRD AMENDED, RESTATED AND CONSOLIDATED PLEDGE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex105.htm
EX-10.4 - SERIES L FUTURE ADVANCE BOND - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex104.htm
EX-10.3 - SERIES L BOND PURCHASE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex103.htm
EX-10.2 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 19, 2021 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex102.htm
EX-10.1 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 19, 2019 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-qxex101.htm
10-Q - NRU FY2017 10-Q Q2 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q2form10-q.htm


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges


 
 
Six Months Ended
 
Year Ended May 31,
(Dollars in thousands)
 
November 30, 2016
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
263,043

 
$
(51,516
)
 
$
(18,927
)
 
$
192,926

 
$
358,087

 
$
(148,797
)
Add: Fixed charges
 
364,734

 
681,850

 
635,684

 
654,655

 
692,025

 
761,849

Less: Interest capitalized(1)
 
—

 
—

 
—

 
—

 
—

 
(71
)
Income available for fixed charges
 
$
627,777

 
$
630,334

 
$
616,757

 
$
847,581

 
$
1,050,112

 
$
612,981

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on borrowings(2)
 
$
364,734

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,778

Interest expense capitalized
 
—

 
—

 
—

 
—

 
—

 
71

Total fixed charges
 
$
364,734

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,849

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.72

 
0.92

 
0.97

 
1.29

 
1.52

 
0.80

____________________________ 
(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 debt discounts and issuance costs.





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