NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ - FORM 10-Q - EX-12 - COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES - January 11, 2018

Attached files

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EX-31.2 - SECTION 302 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex312.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex322.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex321.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex311.htm
EX-10.6 - FOURTH AMENDED, RESTATED AND CONSOLIDATED BOND GUARANTEE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex106.htm
EX-10.5 - FOURTH AMENDED, RESTATED AND CONSOLIDATED PLEDGE AGREEMENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex105.htm
EX-10.4 - SERIES M FUTURE ADVANCE BOND - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex104.htm
EX-10.3 - SERIES M BOND PURCHASE AGREEMEN - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex103.htm
EX-10.2 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 20, 2022 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex102.htm
EX-10.1 - AMENDED REVOLVING CREDIT AGREEMENT MATURING NOVEMBER 20, 2020 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-qxex101.htm
10-Q - NRU FY2018 Q2 FORM 10-Q - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018q2form10-q.htm


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges


 
 
Six Months Ended
 
Year Ended May 31,
(Dollars in thousands)
 
November 30, 2017
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
187,738

 
$
312,099

 
$
(51,516
)
 
$
(18,927
)
 
$
192,926

 
$
358,087

Include: Fixed charges
 
387,901

 
741,738

 
681,850

 
635,684

 
654,655

 
692,025

Income available for fixed charges
 
$
575,639

 
$
1,053,837

 
$
630,334

 
$
616,757

 
$
847,581

 
$
1,050,112

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on all borrowings(1)
 
$
387,901

 
$
741,738

 
$
681,850

 
$
635,684

 
$
654,655

 
$
692,025

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
 
1.48

 
1.42

 
0.92

 
0.97

 
1.29

 
1.52

____________________________ 
(1) Interest expense includes the amortization of debt discounts and issuance costs.
(2) Calculated based on income available for fixed charges divided by fixed charges.





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