EX-12 5 w96901exv12.htm RATIO OF EARNINGS COMPUTATION exv12
 

Exhibit 12

FANNIE MAE
Computation Of Ratio Of Earnings To Combined Fixed Charges
And Preferred Stock Dividends
(Dollars in millions)

                 
    Three Months Ended
    March 31,
    2004
   2003
Net income
   $ 1,899     $ 1,941  
Add:
                
Provision for federal income taxes
     659       707  
Interest expense on all indebtedness
     9,148       9,528  
 
    
 		      
 		  
Earnings, as adjusted
   $ 11,706     $ 12,176  
 
    
 		      
 		  
Fixed charges:
                
Interest expense on all indebtedness
   $ 9,148     $ 9,528  
Preferred stock dividends and issuance costs on redemptions
     43       30  
 
    
 		      
 		  
Fixed charges including preferred stock dividends and issuance costs on redemptions
   $ 9,191     $ 9,558  
 
    
 		      
 		  
Ratio of earnings to combined fixed charges and preferred dividends and issuance costs on redemptions
     1.27:1       1.27:1