EX-12 4 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12.htm

Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges
(in thousands)
(Unaudited)
For the years ended May 31, 2011, 2010, 2009, 2008 and 2007


   
2011
    
2010
    
2009
    
2008
    
2007
  
Earnings:
                              
Income (loss) prior to cumulative
                              
        effect of change in accounting principle
$
151,215}
  
$
110,547
  
$
(73,770
)
$
39,646
  
$
14,145
  
    Add: Fixed charges
  
841,288}
    
912,227
    
935,194
    
931,268
    
991,754
  
    Less: Interest capitalized
  
(208)
    
(116
)
  
(173
)
  
-
    
-
  
Income available for fixed charges
$
992,295}
  
$
1,022,658
  
$
861,251
  
$
970,914
  
$
1,005,899
  
Fixed charges:
                              
    Interest on all debt (including amortization
                              
         of discount and issuance costs)
$
841,080}
  
$
912,111
  
$
935,021
  
$
931,268
  
$
991,754
  
    Interest capitalized
  
208}
    
116
    
173
    
-
    
-
  
Total fixed charges
$
841,288}
  
$
912,227
  
$
935,194
  
$
931,268
  
$
991,754
  
                               
Ratio of earnings to fixed charges
  
1.18}
    
1.12
    
-
    
1.04
    
1.01
  
                               
For the year ended May 31, 2009, earnings were insufficient to cover fixed charges by $74 million.