Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 CFO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201710-k312xcfocertif.htm |
| 10-K - 10-K MAY 31, 2017 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy2017form10-k.htm |
| EX-32.2 - EXHIBIT 32.2 CFO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201710-k322xcfocertif.htm |
| EX-32.1 - EXHIBIT 32.1 CEO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201710-k321xceocertif.htm |
| EX-31.1 - EXHIBIT 31.1 CEO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201710-k311xceocertif.htm |
| EX-23.1 - EXHIBIT 23.1 KPMG CONSENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | nrufy201710-kconsentofkpmg.htm |
Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Years Ended May 31, 2017, 2016, 2015, 2014 and 2013
Year Ended May 31, | ||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Net income (loss) | $ | 312,099 | $ | (51,516 | ) | $ | (18,927 | ) | $ | 192,926 | $ | 358,087 | ||||||||
Include: Fixed charges | 741,738 | 681,850 | 635,684 | 654,655 | 692,025 | |||||||||||||||
Income available for fixed charges | $ | 1,053,837 | $ | 630,334 | $ | 616,757 | $ | 847,581 | $ | 1,050,112 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on all borrowings(1) | $ | 741,738 | $ | 681,850 | $ | 635,684 | $ | 654,655 | $ | 692,025 | ||||||||||
Ratio of earnings to fixed charges | 1.42 | 0.92 | 0.97 | 1.29 | 1.52 | |||||||||||||||
____________________________
(1) Interest expense includes the amortization of debt issuance costs and discounts.