EX-12.1 2 c72573exv12w1.htm EXHIBIT 12.1 Filed by Bowne Pure Compliance
 

Exhibit 12.1
NELNET, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended December 31,  
    2007     2006     2005     2004     2003  
    (dollars in thousands)  
Income from continuing operations before taxes and minority interest
   $ 57,145       102,395       279,258       234,397       46,289  
Income from equity investments
     (1,144 )     (536 )     (1,637 )     (1,220 )     (778 )
Distributions from equity investments
     747       149       625       970       —  
Interest on uncertain tax positions included in pre-tax income
     86       —       —       —       —  
 
                              
Income before fixed charges
     56,834       102,008       278,246       234,147       45,511  
Plus: fixed charges
     1,504,268       1,242,802       621,309       255,660       201,211  
 
                              
Earnings (as defined)
   $ 1,561,102       1,344,810       899,555       489,807       246,722  
 
                              
 
                                        
Interest and amortization expense
   $ 1,502,662       1,241,174       620,111       254,610       200,296  
Rent expense (interest portion)
     1,692       1,628       1,198       1,050       915  
Interest included in interest expense not related to third party indebtedness
     (86 )     —       —       —       —  
 
                              
Total fixed charges
   $ 1,504,268       1,242,802       621,309       255,660       201,211  
 
                              
 
                                        
“Earnings” divided by fixed charges
     1.04       1.08       1.45       1.92       1.23