EX-12 4 nrufy201610-kexhibit12xcom.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, 2016, 2015, 2014, 2013 and 2012


 
 
Year Ended May 31,
(Dollars in thousands)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(51,516
)
 
$
(18,927
)
 
$
192,926

 
$
358,087

 
$
(148,797
)
Add: Fixed charges
 
681,850

 
635,684

 
654,655

 
692,025

 
761,849

Less: Interest capitalized(1)
 
—

 
—

 
—

 
—

 
(71
)
Income available for fixed charges
 
$
630,334

 
$
616,757

 
$
847,581

 
$
1,050,112

 
$
612,981

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on all borrowings(2)
 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,778

Interest capitalized
 
—

 
—

 
—

 
—

 
71

Total fixed charges
 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
$
761,849

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.92

 
0.97

 
1.29

 
1.52

 
0.80

____________________________ 
(1)Interest capitalized consists of interest paid in connection with financing the construction of our new headquarters building during the construction period.
(2) Interest expense includes the amortization of discounts and issuance costs.