EX-12.1 2 fanniemae201410kex121.htm EXHIBIT 12.1 Fanniemae2014 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,
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)(1)
 
$
14,209

 
$
83,982

 
$
17,220

 
$
(16,855
)
 
$
(14,018
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
94,437

 
95,145

 
107,689

 
123,662

 
137,861

 
Provision (benefit) for federal income taxes(2)
 
6,941

 
(45,415
)
 
—

 
(90
)
 
(82
)
 
(Gains) losses from partnership investments
 
(268
)
 
(518
)
 
(120
)
 
(81
)
 
74

 
Capitalized interest
 
3

 
1

 
1

 
1

 
—

 
Earnings, as adjusted
 
$
115,322

 
$
133,195

 
$
124,790

 
$
106,637

 
$
123,835

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
94,437

 
95,145

 
107,689

 
123,662

 
137,861

 
Capitalized interest
 
3

 
1

 
1

 
1

 
—

 
Total fixed charges
 
$
94,440

 
$
95,146

 
$
107,690

 
$
123,663

 
$
137,861

 
Ratio of earnings to fixed charges
 
1.22:1

 
1.40:1

 
1.16:1

 
0.86:1

 
0.90:1

 
(Surplus) deficiency
 
(20,882
)
 
(38,049
)
 
(17,100
)
 
17,026

 
14,026

 
__________
(1) 
Reflects the adoption of accounting standard requiring noncontrolling interest to be classified as a separate component of equity.
(2) 
In 2013, we released the substantial majority of the valuation allowance for our net deferred tax assets that resulted in the recognition of a benefit for federal income taxes of $45.4 billion in our consolidated statement of operations and comprehensive income for the year ended December 31, 2013.