EX-12 6 nelnets3041305ex12-1.txt EXHIBIT 12.1 Exhibit 12.1 NELNET, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended December 31, ------------------------------------------------------------ 2004 2003 2002 2001 2000 -------- --------- ----------- ---------- ----------- (in thousands) Income from continuing operations before taxes and minority interest.................................. $ 234,415 $ 46,289 $ 75,841 $ 13,125 $ 6,733 Income from equity investments....................... (1,220) (778) (590) (535) -- Distributions from equity investments................ 970 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income before fixed charges.......................... 234,165 45,511 75,251 12,590 6,733 Plus: fixed charges.................................. 255,690 201,210 239,511 220,607 234,558 ---------- ---------- ---------- ---------- ---------- Earnings (as defined)................................ $ 489,855 $ 246,721 $ 314,762 $ 233,197 $ 241,291 ========== ========== ========== =========== ========== Interest expense..................................... $ 254,610 $ 200,295 $ 238,476 $ 220,127 $ 234,108 Rent expense (interest portion)...................... 1,080 915 1,035 480 450 ---------- ---------- ---------- ----------- ---------- Total fixed charges.................................. $ 255,690 $ 201,210 $ 239,511 $ 220,607 $ 234,558 ========== ========== ========== =========== ========== "Earnings" divided by fixed charges.................. 1.92 1.23 1.31 1.06 1.03 ========== ========== ========== =========== ==========