EX-12.1 8 ex121201110k.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 2011 10K


EXHIBIT 12.1
Federal Home Loan Bank of San Francisco
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
 
(Dollars in millions)
2011

  
2010

  
2009

  
2008

  
2007

Earnings:
 
  
 
  
 
  
 
  
 
Income before assessments
$
258

 
$
545

 
$
701

 
$
629

 
$
888

Fixed charges
754

 
1,053

 
2,680

 
9,587

 
12,841

Total earnings
$
1,012

  
$
1,598

  
$
3,381

  
$
10,216

  
$
13,729

Fixed charges:
 
  
 
  
 
  
 
  
 
Interest expense
$
753

 
$
1,052

 
$
2,679

 
$
9,586

 
$
12,840

Estimated rental expense based on an interest factor
1

 
1

 
1

 
1

 
1

Total fixed charges
$
754

  
$
1,053

  
$
2,680

  
$
9,587

  
$
12,841

Ratio of earnings to fixed charges
1.34

  
1.52

  
1.26

  
1.07

  
1.07