Attached files
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Years Ended May 31, 2018, 2017, 2016, 2015 and 2014
Year Ended May 31, | ||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Net income (loss) | $ | 457,364 | $ | 312,099 | $ | (51,516 | ) | $ | (18,927 | ) | $ | 192,926 | ||||||||
Include: Fixed charges | 792,735 | 741,738 | 681,850 | 635,684 | 654,655 | |||||||||||||||
Income available for fixed charges | $ | 1,250,099 | $ | 1,053,837 | $ | 630,334 | $ | 616,757 | $ | 847,581 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on all borrowings(1) | $ | 792,735 | $ | 741,738 | $ | 681,850 | $ | 635,684 | $ | 654,655 | ||||||||||
Ratio of earnings to fixed charges | 1.58 | 1.42 | 0.92 | 0.97 | 1.29 |
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(1) Interest expense includes the amortization of debt issuance costs and discounts.