EX-12 3 nruexhibit12.htm EXHIBIT 12 COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges

Years Ended May 31, 2015, 2014, 2013, 2012 and 2011


(Dollars in thousands)
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(18,927
)
 
$
192,926

 
$
358,087

 
$
(148,797
)
 
$
151,215

 
Add: Fixed charges
 
635,684

 
654,655

 
692,025

 
761,849

 
841,288

 
Less: Interest capitalized(2)
 
—

 
—

 
—

 
(71
)
 
(208
)
 
Income available for fixed charges
 
$
616,757

 
$
847,581

 
$
1,050,112

 
$
612,981

 
$
992,295

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest on all borrowings(3)
 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,778

 
$
841,080

 
Interest capitalized
 
—

 
—

 
—

 
71

 
208

 
Total fixed charges
 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,849

 
$
841,288

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
—

 
1.29

 
1.52

 
—

 
1.18

 
____________________________ 
(1) Earnings available to cover fixed charges were insufficient by $19 million and $149 million for fiscal years ended May 31, 2015 and 2012, respectively.
(2) Interest capitalized consists of interest paid in connection with financing the construction of our new headquarters building during the construction period.
(3) Interest expense includes the amortization of discounts and issuance costs.