EX-12.1 3 l25150aexv12w1.htm EX-12.1 EX-12.1
 

Exhibit 12.1
Federal Home Loan Bank of Pittsburgh
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
                                         
    For the year ended December 31,  
(dollars in thousands)   2006     2005     2004     2003     2002  
 
Earnings
                                       
Income (loss) before assessments and cumulative effect of change in accounting principle
  $ 294,798     $ 261,130     $ 152,015     $ 93,496     $ (36,706 )
Fixed charges
    3,419,591       2,143,056       1,084,230       916,497       1,085,232  
 
Earnings available for fixed charges
  $ 3,714,389     $ 2,404,186     $ 1,236,245     $ 1,009,993     $ 1,048,526  
 
 
                                       
Fixed charges
                                       
Interest expense
  $ 3,418,774     $ 2,142,256     $ 1,083,502     $ 915,842     $ 1,084,593  
Interest portion of net rent expense(1)
    817       800       728       655       639  
 
Total fixed charges
  $ 3,419,591     $ 2,143,056     $ 1,084,230     $ 916,497     $ 1,085,232  
 
 
                                       
Ratio of earnings to fixed charges
    1.09       1.12       1.14       1.10       (A )
 
 
(A)   Due to the Bank’s loss in 2002, the ratio coverage was less than 1:1. The Bank must generate additional earnings of $37 million to achieve a coverage of 1:1.
 
Note:    
 
(1)   Represents one-third (the proportion deemed representative of the interest portion) of rent expense