FedEx (FDX) 10-Q 2009 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,
	2008		2007		2008		2007		2006		2005		2004
Earnings:
Income before income taxes	$	1,392	$	1,555	$	2,016	$	3,215	$	2,899	$	2,313	$	1,319
Add back:
Interest expense, net of capitalized interest		36		64		98		136		142		160		136
Amortization of debt issuance costs		2		2		5		6		5		6		7
Portion of rent expense representative of interest factor		400		393		784		766		842		800		712
Earnings as adjusted	$	1,830	$	2,014	$	2,903	$	4,123	$	3,888	$	3,279	$	2,174
Fixed Charges:
Interest expense, net of capitalized interest	$	36	$	64	$	98	$	136	$	142	$	160	$	136
Capitalized interest		32		20		50		34		33		22		11
Amortization of debt issuance costs		2		2		5		6		5		6		7
Portion of rent expense representative of interest factor		400		393		784		766		842		800		712
	$	470	$	479	$	937	$	942	$	1,022	$	988	$	866
Ratio of Earnings to Fixed Charges		3.9		4.2		3.1		4.4		3.8		3.3		2.5