Attached files

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EX-4.1 - EXHIBIT 4.1 FORM OF CAPITAL TERM CERTIFICATE - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit41xfor.htm
10-K - 10-K MAY 31, 2018 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy2018form10-k.htm
EX-32.2 - EXHIBIT 32.2 CFO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit322xcf.htm
EX-32.1 - EXHIBIT 32.1 CEO SECTION 906 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit321xce.htm
EX-31.2 - EXHIBIT 31.2 CFO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit312xcf.htm
EX-31.1 - EXHIBIT 31.1 CEO SECTION 302 CERTIFICATION - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit311xce.htm
EX-23.1 - EXHIBIT 23.1 KMPG CONSENT - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit231xco.htm
EX-10.2 - EXHIBIT 10.2 AMENDED AND RESTATED PRP PLAN - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/nrufy201810-kexhibit102xnr.htm


Exhibit 12

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Computation of Ratio of Earnings to Fixed Charges

Years Ended May 31, 2018, 2017, 2016, 2015 and 2014


 
 
Year Ended May 31,
(Dollars in thousands)
 
2018
 
2017
 
2016
 
2015
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
457,364

 
$
312,099

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

Include: Fixed charges
 
792,735

 
741,738

 
681,850

 
635,684

 
654,655

Income available for fixed charges
 
$
1,250,099

 
$
1,053,837

 
$
630,334

 
$
616,757

 
$
847,581

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on all borrowings(1)
 
$
792,735

 
$
741,738

 
$
681,850

 
$
635,684

 
$
654,655

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.58

 
1.42

 
0.92

 
0.97

 
1.29

____________________________ 
(1) Interest expense includes the amortization of debt issuance costs and discounts.