EX-12.1 7 fhlbpitex12110k2010.htm EX-12.1 WebFilings | EDGAR view
 

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)
2010
 
2009(1)
2008
2007
2006
Earnings
 
 
 
 
 
Income (loss) before assessments and
  cumulative effect of change in
  accounting principle
$
8,303
 
$
(37,457
)
$
26,425
 
$
322,426
 
$
294,798
 
Fixed charges
742,012
 
1,184,498
 
3,070,642
 
3,912,183
 
3,419,591
 
Earnings available for fixed charges
$
750,315
 
$
1,147,041
 
$
3,097,067
 
$
4,234,609
 
$
3,714,389
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
Interest expense
$
741,312
 
$
1,183,808
 
$
3,069,909
 
$
3,911,326
 
$
3,418,774
 
Interest portion of net rent expense(2)
700
 
690
 
733
 
857
 
817
 
Total fixed charges
$
742,012
 
$
1,184,498
 
$
3,070,642
 
$
3,912,183
 
$
3,419,591
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.01
 
0.97
 
1.01
 
1.08
 
1.09
 
 
Notes:
(1) Earnings were inadequate to cover fixed charges by approximately $37.4 million for the year ended December 31, 2009.
(2) Represents one-third (the proportion deemed representative of the interest portion) of rent expense.