FedEx (FDX) 10-Q 2008 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,
	2007		2006		2007		2006		2005		2004		2003
Earnings:
Income before income taxes	$	1,555	$	1,593	$	3,215	$	2,899	$	2,313	$	1,319	$	1,338
Add back:
Interest expense, net of capitalized interest		64		70		136		142		160		136		124
Amortization of debt issuance costs		2		3		6		5		6		7		4
Portion of rent expense representative of interest factor		393		407		766		842		800		712		713
Earnings as adjusted	$	2,014	$	2,073	$	4,123	$	3,888	$	3,279	$	2,174	$	2,179
Fixed Charges:
Interest expense, net of capitalized interest	$	64	$	70	$	136	$	142	$	160	$	136	$	124
Capitalized interest		20		19		34		33		22		11		16
Amortization of debt issuance costs		2		3		6		5		6		7		4
Portion of rent expense representative of interest factor		393		407		766		842		800		712		713
	$	479	$	499	$	942	$	1,022	$	988	$	866	$	857
Ratio of Earnings to Fixed Charges		4.2		4.2		4.4		3.8		3.3		2.5		2.5