EX-12 14 a05-11131_1ex12.htm EX-12

EXHIBIT 12

 

Federal Home Loan Bank of Boston

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Three Months Ended
March 31,

 

Year Ended December 31,

 

 

 

2005

 

2004

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before assessments

 

$

36,224

 

$

37,231

 

$

121,994

 

$

124,628

 

$

103,173

 

$

156,236

 

$

199,235

 

Fixed charges

 

341,319

 

228,463

 

964,484

 

1,020,447

 

1,212,801

 

1,734,195

 

2,084,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before assessments and fixed charges

 

377,543

 

265,694

 

1,086,478

 

1,145,075

 

1,315,974

 

1,890,431

 

2,283,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

341,015

 

228,156

 

963,299

 

1,019,216

 

1,211,715

 

1,733,509

 

2,083,994

 

1/3 of net rent expense (1)

 

304

 

307

 

1,185

 

1,231

 

1,086

 

686

 

666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

341,319

 

$

228,463

 

$

964,484

 

$

1,020,447

 

$

1,212,801

 

$

1,734,195

 

$

2,084,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.11

 

1.16

 

1.13

 

1.12

 

1.09

 

1.09

 

1.10

 

 

(1) Represents an estimated interest factor.

 

1