EX-12 2 nrufy201710-kexhibit12xcom.htm EXHIBIT 12 COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges

Years Ended May 31, 2017, 2016, 2015, 2014 and 2013


 
 
Year Ended May 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
312,099

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

 
$
358,087

Include: Fixed charges
 
741,738

 
681,850

 
635,684

 
654,655

 
692,025

Income available for fixed charges
 
$
1,053,837

 
$
630,334

 
$
616,757

 
$
847,581

 
$
1,050,112

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on all borrowings(1)
 
$
741,738

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.42

 
0.92

 
0.97

 
1.29

 
1.52

____________________________ 
(1) Interest expense includes the amortization of debt issuance costs and discounts.