Exhibit 12.1
NELNET, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||
| 2008 |
| 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 | ||||||||
Income from continuing | $ | (1,523 | ) | 26,167 | 57,145 | 102,395 | 279,258 | 234,397 | 46,289 | ||||||||||||
Income from equity investments | (14 | ) | (1,444 | ) | (1,144 | ) | (536 | ) | (1,637 | ) | (1,220 | ) | (778 | ) | |||||||
Distributions from equity investments | -- |
| 747 | 747 | 149 | 625 | 970 | -- |
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Interest on uncertain tax positions included in pre-tax income | 236 | (225 | ) | 86 | -- |
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Income before fixed charges | (1,301 | ) | 25,245 | 56,834 | 102,008 | 278,246 | 234,147 | 45,511 | |||||||||||||
Plus: fixed charges | 792,489 | 1,113,878 | 1,504,268 | 1,242,802 | 621,309 | 255,660 | 201,211 | ||||||||||||||
Earnings (as defined) | $ | 791,188 | 1,139,123 | 1,561,102 | 1,344,810 | 899,555 | 489,807 | 246,722 | |||||||||||||
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Interest and amortization expense | $ | 791,621 | 1,112,263 | 1,502,662 | 1,241,174 | 620,111 | 254,610 | 200,296 | |||||||||||||
Rent expense (interest portion) | 1,104 | 1,390 | 1,692 | 1,628 | 1,198 |
| 1,050 | 915 | |||||||||||||
Interest included in interest | (236 | ) | 225 | (86 | ) | -- |
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Total fixed charges | $ | 792,489 | 1,113,878 | 1,504,268 | 1,242,802 | 621,309 | 255,660 | 201,211 | |||||||||||||
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“Earnings” divided by fixed | 1.00 | 1.02 | 1.04 | 1.08 | 1.45 | 1.92 | 1.23 |