EX-12 2 nrufy2019q1form10-qxex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges


 
 
Three Months Ended August 31, 2018
 
Year Ended May 31,
(Dollars in thousands)
 
 
2018
 
2017
 
2016
 
2015
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
47,978

 
$
457,364

 
$
312,099

 
$
(51,516
)
 
$
(18,927
)
 
$
192,926

Include: Fixed charges
 
210,231

 
792,735

 
741,738

 
681,850

 
635,684

 
654,655

Income available for fixed charges
 
$
258,209

 
$
1,250,099

 
$
1,053,837

 
$
630,334

 
$
616,757

 
$
847,581

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on borrowings(1)
 
$
210,231

 
$
792,735

 
$
741,738

 
$
681,850

 
$
635,684

 
$
654,655

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
 
1.23

 
1.58

 
1.42

 
0.92

 
0.97

 
1.29

____________________________ 
(1) Interest expense includes the amortization of debt discounts and issuance costs.
(2) Calculated based on income available for fixed charges divided by fixed charges.