EX-12.1 4 w92188exv12w1.htm EX-12.1 RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1

FANNIE MAE

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                                         
            Year Ended December 31,        
   
    2003   2002   2001   2000   1999
   
 
 
 
 
Income before cumulative effect of change
  in accounting principle
   $ 7,720     $ 4,619     $ 5,726     $ 4,448     $ 3,912  
Add:
                                        
Provision for federal income taxes
     2,693       1,429       2,041       1,583       1,514  
Interest expense on all indebtedness
     37,351       40,287       41,080       37,107       30,601  
 
    
     
     
     
     
 
Earnings, as adjusted
   $ 47,764     $ 46,335     $ 48,847     $ 43,138     $ 36,027  
 
    
     
     
     
     
 
 
Fixed charges:
                                        
Interest expense on all indebtedness
   $ 37,351     $ 40,287     $ 41,080     $ 37,107     $ 30,601  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     1.28:1       1.15:1       1.19:1       1.16:1       1.18:1