FedEx (FDX) 10-Q 2005 Q2 Quarterly report

EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Six Months Ended November 30,				Year Ended May 31,
	2004		2003		2004		2003		2002		2001		2000
Earnings:
Income before income taxes	$	1,088	$	342	$	1,319	$	1,338	$	1,160	$	927	$	1,138
Add back:
Interest expense, net of capitalized interest	86		55		136		124		144		155		121
Amortization of debt issuance costs	3		2		7		4		4		2		1
Portion of rent expense representative of interest factor	394		345		712		713		710		667		625
Earnings as adjusted	$	1,571	$	744	$	2,174	$	2,179	$	2,018	$	1,751	$	1,885
Fixed Charges:
Interest expense, net of capitalized interest	$	86	$	55	$	136	$	124	$	144	$	155	$	121
Capitalized interest	8		5		11		16		27		27		35
Amortization of debt issuance costs	3		2		7		4		4		2		1
Portion of rent expense representative of interest factor	394		345		712		713		710		667		625
	$	491	$	407	$	866	$	857	$	885	$	851	$	782
Ratio of Earnings to Fixed Charges	3.2		1.8		2.5		2.5		2.3		2.1		2.4