EX-12.1 10 w77413exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
                                         
    For the Year Ended December 31,  
    2009     2008     2007     2006     2005  
Earnings:
                                        
Income (loss) before extraordinary gain (losses)(1)
   $ (72,022 )   $ (58,319 )   $ (2,056 )   $ 4,057     $ 6,292  
 
                                        
Add:
                                        
Total interest expense
     24,845       34,341       40,185       36,875       33,339  
Provision (benefit) for federal income taxes
     (985 )     13,749       (3,091 )     166       1,277  
Losses from partnership investments(2)
     6,735       1,554       1,005       865       849  
Capitalized interest
     4       20       30       22       11  
 
                              
Earnings (loss), as adjusted
   $ (41,423 )   $ (8,655 )   $ 36,073     $ 41,985     $ 41,768  
 
                              
 
                                        
Fixed charges:
                                        
Total interest expense
     24,845       34,341       40,185       36,875       33,339  
Capitalized interest
     4       20       30       22       11  
 
                              
Total fixed charges
     24,849       34,361       40,215       36,897       33,350  
 
                              
 
                                        
Ratio of earnings (loss) to fixed charges
     —       —       0.90:1       1.14:1       1.25:1  
 
                              
 
                                        
Deficiency
   $ 66,272     $ 43,016     $ 4,142                  
 
                                  
 
(1)   Reflects the adoption of the FASB standard requiring noncontrolling interest to be classified as a separate component of equity.
 
(2)   Includes amortized capitalized interest related to our partnership investments of $11 million, $13 million, $11 million, $10 million and $9 million for the years ended December 31, 2009, 2008, 2007, 2006, and 2005, respectively.