Attached files
Exhibit 12.1
Federal Home Loan Bank of Pittsburgh
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
For the year ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2009(1) | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings |
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Income (loss) before assessments and cumulative effect of change in accounting principle |
$ | (37,457 | ) | $ | 26,425 | $ | 322,426 | $ | 294,798 | $ | 261,130 | |||||||||
Fixed charges |
1,184,498 | 3,070,642 | 3,912,183 | 3,419,591 | 2,142,983 | |||||||||||||||
Earnings available for fixed charges |
$ | 1,147,041 | $ | 3,097,067 | $ | 4,234,609 | $ | 3,714,389 | $ | 2,404,113 | ||||||||||
Fixed charges |
||||||||||||||||||||
Interest expense |
$ | 1,183,808 | $ | 3,069,909 | $ | 3,911,326 | 3,418,774 | 2,142,256 | ||||||||||||
Interest portion of net rent expense(2) |
690 | 733 | 857 | 817 | 727 | |||||||||||||||
Total fixed charges |
$ | 1,184,498 | $ | 3,070,642 | $ | 3,912,183 | $ | 3,419,591 | $ | 2,142,983 | ||||||||||
Ratio of earnings to fixed charges |
0.97 | 1.01 | 1.08 | 1.09 | 1.12 | |||||||||||||||
Notes: | ||
(1) | Earnings were inadequate to cover fixed charges by approximately $37.4 million for the year ended December 31, 2009. | |
(2) | Represents one-third (the proportion deemed representative of the interest portion) of rent expense. |