EX-12.1 7 w26699exv12w1.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,  
    2004     2003     2002  
            (Restated)      
(Restated)
Earnings:
                        
Income before extraordinary gains (losses) and cumulative effect of change in accounting principle, net of taxes
   $ 4,975     $ 7,852     $ 3,914  
 
                        
Add:
                        
Total interest expense
   $ 29,737     $ 29,587     $ 32,498  
Provision for federal income taxes
     1,024       2,434       840  
Loss from partnership investments (1)
     702       637       509  
Capitalized interest
     16       19       17  
Minority interest in earnings of consolidated subsidiaries
     8       —       —  
 
                  
Earnings, as adjusted
   $ 36,462     $ 40,529     $ 37,778  
 
                  
 
                        
Fixed charges:
                        
Total interest expense
   $ 29,737     $ 29,587     $ 32,498  
Capitalized interest
     16       19       17  
 
                  
Total fixed charges
   $ 29,753     $ 29,606     $ 32,515  
 
                  
 
                        
Ratio of earnings to fixed charges
     1.23:1       1.37:1       1.16:1  
 
                  
 
(1)   Includes amortized capitalized interest related to low income housing tax credit partnerships of $5 million, $5 million and $4 million for the years ended December 31, 2004, 2003 and 2002, respectively.