EX-12.2 5 w92188exv12w2.htm EX-12.2 RATIO EARNINGS - COMB.FIX CHGS & DIVIDENDS exv12w2
 

EXHIBIT 12.2

FANNIE MAE

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

                                           
              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  
Preferred stock dividends and
       issuance costs on redemptions
     150       111       146       121       78  
Fixed charges including preferred stock dividends and
                                        
 
    
     
     
     
     
 
 
     issuance costs on redemptions
   $ 37,501     $ 40,398     $ 41,226     $ 37,228     $ 30,679  
 
    
     
     
     
     
 
Ratio of earnings to combined fixed charges
      and preferred dividends and issuance costs on redemptions
     1.27:1       1.15:1       1.18:1       1.16:1       1.17:1