EX-12.1 15 fanniemae201210kex121.htm EXHIBIT Fanniemae2012 10K EX 12.1



Exhibit 12.1
FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)



 
 
For the Year Ended December 31,
 
 
 
2012
 
2011
 
2010 (1)
 
2009
 
2008
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before extraordinary gains (losses)(2)
 
$
17,220

 
$
(16,855
)
 
$
(14,018
)
 
$
(72,022
)
 
$
(58,319
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
107,689

 
123,662

 
137,861

 
24,845

 
34,341

 
(Benefit) provision for federal income taxes
 
—

 
(90
)
 
(82
)
 
(985
)
 
13,749

 
(Gains) losses from partnership investments(3)
 
(120
)
 
(81
)
 
74

 
6,735

 
1,554

 
Capitalized interest
 
1

 
1

 
—

 
4

 
20

 
Earnings (loss), as adjusted
 
$
124,790

 
$
106,637

 
$
123,835

 
$
(41,423
)
 
$
(8,655
)
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
       Total interest expense
 
107,689

 
123,662

 
137,861

 
24,845

 
34,341

 
       Capitalized interest
 
1

 
1

 
—

 
4

 
20

 
       Total fixed charges
 
$
107,690

 
$
123,663

 
$
137,861

 
$
24,849

 
$
34,361

 
Ratio of earnings to fixed charges
 
1.16:1

 
0.86:1

 
0.90:1

 
—

 
—

 
(Surplus) deficiency
 
(17,100
)
 
17,026

 
14,026

 
66,272

 
43,016

 
__________
(1) 
In 2010, we adopted accounting standards related to the "Transfers of Financial Assets and Consolidation of Variable Interest Entities" that had a significant impact on the presentation and comparability of our consolidated financial statements due to the consolidation of the substantial majority of our single-class securitization trusts and the elimination of previously recorded deferred revenue from our guaranty arrangements. While some line items in our consolidated statements of operations and balance sheet were not impacted, others were impacted significantly, which reduces the comparability of our results for 2012, 2011 and 2010 with the results in prior years.
(2) 
Reflects the adoption of accounting standard requiring noncontrolling interest to be classified as a separate component of equity.
(3) 
Includes amortized capitalized interest related to our partnership investments of $1 million, $11 million, and $13 million for the years ended December 31, 2010, 2009, and 2008, respectively.