RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997 - FORM 10-K - EX-12 - EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 9, 2016

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10-K - 10-K KEPCO 12-31-2015 - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997kepco10-k12312015.htm
EX-32.2 - EXHIBIT 32.2 CFO SECTION 906 CERTIFICATION - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit322section906cfocer.htm
EX-32.1 - EXHIBIT 32.1 CEO SECTION 906 CERTIFICATION - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit321section906ceocer.htm
EX-31.1 - EXHIBIT 31.1 CEO SECTION 302 CERTIFICATION - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit311section302ceocer.htm
EX-31.2 - EXHIBIT 31.2 CFO SECTION 302 CERTIFICATION - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit312section302cfocer.htm
EX-99 - EXHIBIT 99 JP MORGAN CHASE & CO FINANCIAL INFORMATION - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit99-jpmfivexyearsumm.htm


EXHIBIT 12

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (KEPCO) SERIES 1997
Computation of Ratio of Earnings to Fixed Charges



 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 
 
2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
940,126

 
 
$
1,342,612

 
 
$
1,855,558

 
 
$
1,624,327

 
 
$
1,025,713

 
Add: Fixed charges
 
39,922

 
 
97,103

 
 
60,883

 
 
86,104

 
 
155,118

 
Earnings available for fixed charges
 
$
980,048

 
 
$
1,439,715

 
 
$
1,916,441

 
 
$
1,710,431

 
 
$
1,180,831

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on all debt
 
$
39,922

 
 
$
97,103

 
 
$
60,883

 
 
$
86,104

 
 
$
155,118

 
Total fixed charges
 
$
39,922

 
 
$
97,103

 
 
$
60,883

 
 
$
86,104

 
 
$
155,118

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of income to fixed charges
 
24.55

 
 
14.83

 
 
31.48

 
 
19.86

 
 
7.61