FedEx (FDX) 10-Q 2015 Q3 Quarterly report

EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Nine Months Ended February 28,				Year Ended May 31,
	2015		2014		2014		2013		2012		2011		2010
Earnings:
Income before income taxes	$	2,817	$	2,152	$	3,289	$	2,455	$	3,141	$	2,265	$	1,894
Add back:
Interest expense, net of capitalized interest		164		106		160		82		52		86		79
Amortization of debt issuance costs		4		4		4		5		5		16		14
Portion of rent expense representative of interest factor		668		666		876		864		797		852		806
Earnings as adjusted	$	3,653	$	2,928	$	4,329	$	3,406	$	3,995	$	3,219	$	2,793
Fixed Charges:
Interest expense, net of capitalized interest	$	164	$	106	$	160	$	82	$	52	$	86	$	79
Capitalized interest		26		22		29		45		85		71		80
Amortization of debt issuance costs		4		4		4		5		5		16		14
Portion of rent expense representative of interest factor		668		666		876		864		797		852		806
	$	862	$	798	$	1,069	$	996	$	939	$	1,025	$	979
Ratio of Earnings to Fixed Charges		4.2		3.7		4.0		3.4		4.3		3.1		2.9