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10-Q - NRU FY2017 Q3 FORM 10-Q - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q3form10-q.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q3form10-qxex322.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q3form10-qxex321.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q3form10-qxex312.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2017q3form10-qxex311.htm


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges


 
 
Nine Months Ended
 
Year Ended May 31,
(Dollars in thousands)
 
February 28, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
361,005

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

 
$
358,087

 
$
(148,797
)
Add: Fixed charges
 
551,474

 
681,850

 
635,684

 
654,655

 
692,025

 
761,849

Less: Interest capitalized(1)
 

 

 

 

 

 
(71
)
Income available for fixed charges
 
$
912,479

 
$
630,334

 
$
616,757

 
$
847,581

 
$
1,050,112

 
$
612,981

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on borrowings(2)
 
$
551,474

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,778

Interest expense capitalized
 

 

 

 

 

 
71

Total fixed charges
 
$
551,474

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,849

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.65

 
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.