EX-12.1 2 a2045379zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 USA EDUCATION, INC. RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (DOLLARS IN THOUSANDS)
---------- ---------- ---------- ---------- ---------- 1996 1997 1998 1999 2000 ---------- ---------- ---------- ---------- ---------- Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries $ 600,327 $ 759,748 $ 750,131 $ 751,652 $ 711,591 Add: Fixed charges 2,600,048 2,544,581 1,948,995 2,140,588 2,879,548 Less: Other adjustments (711) -- -- -- -- Less: Preferred dividends (16,452) (18,428) (23,998) (25,803) (42,677) ---------- ---------- ---------- ---------- ---------- Total Earnings $3,183,212 $3,285,904 $2,675,128 $2,866,437 $3,548,462 ========== ========== ========== ========== ========== Fixed charges Interest expense $2,582,885 $2,526,156 $1,924,997 $2,114,785 $2,836,871 Preferred dividends 16,452 18,428 23,998 25,803 42,677 Other ajdustments 711 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Fixed Charges $2,600,048 $2,544,584 $1,948,995 $2,140,588 $2,879,548 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges and preferred stock dividends 1.22 1.29 1.37 1.34 1.23 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 1.23 1.29 1.38 1.34 1.24 ========== ========== ========== ========== ========== THREE MONTHS ENDED MARCH 31, ---------------------------- 2000 2001 ------------ ------------- Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries $ 231,784 $ 53,314 Add: Fixed charges 668,433 705,377 Less: Other adjustments -- -- Less: Preferred dividends (10,586) (10,512) ---------- ---------- Total Earnings $ 889,631 $ 748,179 ========== ========== Fixed charges Interest expense $ 657,847 $ 694,865 Preferred dividends 10,586 10,512 Other ajdustments -- -- ---------- ---------- Total Fixed Charges $ 668,433 $ 705,377 ========== ========== Ratio of earnings to fixed charges and preferred stock dividends 1.33 1.06 ========== ========== Ratio of earnings to fixed charges 1.34 1.06 ========== ========== For purposes of the "earnings" computation, "other adjustments" includes the capitalized interest cost. For purposes of the "fixed charges" computation, other adjustments includes the capitalized interest cost.