NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ - FORM 10-K - EX-12 - EXHIBIT 12 COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES - August 25, 2016

Attached files

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EX-31.2 - EXHIBIT 31.2 CFO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-k312xcfocertif.htm
EX-32.2 - EXHIBIT 32.2 CFO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-k322xcfocertif.htm
10-K - 10-K MAY 31, 2016 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-k.htm
EX-32.1 - EXHIBIT 32.1 CEO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-k321xceocertif.htm
EX-31.1 - EXHIBIT 31.1 CEO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-k311xceocertif.htm
EX-23.1 - EXHIBIT 23.1 KPMG CONSENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-kconsentofkpmg.htm
EX-10.40 - EXHIBIT 10.40 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-kexhibit1040.htm
EX-10.38 - EXHIBIT 10.38 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201610-kexhibit1038.htm


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.






NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Reports