EX-12 2 ex12201110-k.htm EXHIBIT 12 Ex 12 2011 10-K


Exhibit 12

FEDERAL HOME LOAN BANK OF CINCINNATI
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)


 
Year Ended December 31,
 
2011
2010
2009
2008
2007
Income before assessments
$
174,831

$
225,753

$
365,845

$
322,592

$
366,524

Add: fixed charges (see below)
762,420

979,572

1,295,555

2,826,014

3,927,597

Total earnings
$
937,251

$
1,205,325

$
1,661,400

$
3,148,606

$
4,294,121

 
 
 
 
 
 
Fixed charges: (1)
 
 
 
 
 
Interest expense
$
761,741

$
978,912

$
1,294,877

$
2,825,376

$
3,926,975

Interest portion of rent expense
679

660

678

638

622

Total fixed charges
$
762,420

$
979,572

$
1,295,555

$
2,826,014

$
3,927,597

 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
1.23

1.23

1.28

1.11

1.09


(1)
Fixed charges consist of interest expense (including amortization related to indebtedness) and one-third (the proportion deemed representative of the interest portion) of rent expense.
(2)
The ratio of earnings to fixed charges has been computed by dividing Total earnings by Total fixed charges.