Nelnet (NNI) 10-K 2005 FY Annual report

Exhibit 12.1

NELNET, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2005			2004			2003			2002			2001
	(Dollars in thousands)
Income before taxes and
minority interest	$	283,945			234,415			46,289			75,841			13,125
Income from equity investments		(1,637	)		(1,220	)		(778	)		(590	)		(535	)
Distributions from equity investments		625			970			–			–			–
Income before fixed charges		282,933			234,165			45,511			75,251			12,590
Plus: fixed charges		621,626			255,690			201,211			239,511			220,607
Earnings (as defined)	$	904,559			489,855			246,722			314,762			233,197
Interest and amortization expense	$	620,111			254,610			200,296			238,476			220,127
Rent expense (interest portion)		1,515			1,080			915			1,035			480
Total fixed charges	$	621,626			255,690			201,211			239,511			220,607
"Earnings" divided by fixed charges		1.46			1.92			1.23			1.31			1.06