EX-12 4 ex12december312012.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX 12 December 31, 2012
EXHIBIT 12

Federal Home Loan Bank of Boston
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)

 
 
For the Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income (loss) before assessments
 
$
230,184

 
$
188,482

 
$
145,074

 
$
(186,751
)
 
$
(115,826
)
Fixed charges
 
418,618

 
460,159

 
574,194

 
837,565

 
2,388,774

 
 
 
 
 
 
 
 
 
 
 
Income before assessments and fixed charges
 
648,802

 
648,641

 
719,268

 
650,814

 
2,272,948

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
417,735

 
459,013

 
572,930

 
836,262

 
2,387,497

1/3 of net rent expense (1)
 
883

 
1,146

 
1,264

 
1,303

 
1,277

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
418,618

 
$
460,159

 
$
574,194

 
$
837,565

 
$
2,388,774

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.55

 
1.41

 
1.25

 
0.78

 
0.95

________________________
(1) Represents an estimated interest factor.