Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201710-qexhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201710-qexhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201710-qexhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201710-qexhibit311.htm |
| 10-Q - 10-Q NRU FY2017 Q1 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nru1qfy201710-q.htm |
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended, | Years Ended May 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | August 31, 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Net income (loss) | $ | (132,261 | ) | $ | (51,516 | ) | $ | (18,927 | ) | $ | 192,926 | $ | 358,087 | $ | (148,797 | ) | |||||||||||||
Add: Fixed charges | 181,080 | 681,850 | 635,684 | 654,655 | 692,025 | 761,849 | |||||||||||||||||||||||
Less: Interest capitalized(1) | — | — | — | — | — | (71 | ) | ||||||||||||||||||||||
Income available for fixed charges | $ | 48,819 | $ | 630,334 | $ | 616,757 | $ | 847,581 | $ | 1,050,112 | $ | 612,981 | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest on all borrowings(2) | $ | 181,080 | $ | 681,850 | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,778 | |||||||||||||||||
Interest capitalized | — | — | — | — | — | 71 | |||||||||||||||||||||||
Total fixed charges | $ | 181,080 | $ | 681,850 | $ | 635,684 | $ | 654,655 | $ | 692,025 | $ | 761,849 | |||||||||||||||||
Ratio of earnings to fixed charges | 0.27 | 0.92 | 0.97 | 1.29 | 1.52 | 0.80 | |||||||||||||||||||||||
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(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.