Attached files
| file | filename |
|---|---|
| EX-32.2 - SECTION 906 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-qxex322.htm |
| EX-32.1 - SECTION 906 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-qxex321.htm |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-qxex312.htm |
| EX-31.1 - SECTION 302 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-qxex311.htm |
| EX-10.01 - SECOND AMENDED AND RESTATED SUPPLEMENTAL NOTE PURCHASE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-qxex101.htm |
| 10-Q - NRU FY2018 Q3 FORM 10-Q - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2018q3form10-q.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, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss) | $ | 408,767 | $ | 312,099 | $ | (51,516 | ) | $ | (18,927 | ) | $ | 192,926 | $ | 358,087 | ||||||||||
Include: Fixed charges | 585,972 | 741,738 | 681,850 | 635,684 | 654,655 | 692,025 | ||||||||||||||||||
Income available for fixed charges | $ | 994,739 | $ | 1,053,837 | $ | 630,334 | $ | 616,757 | $ | 847,581 | $ | 1,050,112 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense on borrowings(1) | $ | 585,972 | $ | 741,738 | $ | 681,850 | $ | 635,684 | $ | 654,655 | $ | 692,025 | ||||||||||||
Ratio of earnings to fixed charges(2) | 1.70 | 1.42 | 0.92 | 0.97 | 1.29 | 1.52 | ||||||||||||||||||
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(1) Interest expense includes the amortization of debt discounts and issuance costs.
(2) Calculated based on income available for fixed charges divided by fixed charges.