EX-12 2 ex12december312014.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12 December 31, 2014
EXHIBIT 12

Federal Home Loan Bank of Boston
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)

 
 
For the Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before assessments
 
$
167,411

 
$
236,536

 
$
230,184

 
$
188,482

 
$
145,074

Fixed charges
 
346,250

 
331,805

 
418,618

 
460,159

 
574,194

 
 
 
 
 
 
 
 
 
 
 
Income before assessments and fixed charges
 
513,661

 
568,341

 
648,802

 
648,641

 
719,268

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
345,327

 
330,905

 
417,735

 
459,013

 
572,930

1/3 of net rent expense (1)
 
923

 
900

 
883

 
1,146

 
1,264

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
346,250

 
$
331,805

 
$
418,618

 
$
460,159

 
$
574,194

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.48

 
1.71

 
1.55

 
1.41

 
1.25

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(1) Represents an estimated interest factor.