Exhibit 12.1
NELNET, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Income from continuing operations before taxes and minority interest | $ | 57,145 | 102,395 | 279,258 | 234,397 | 46,289 | ||||||||||||||
Income from equity investments | (1,144 | ) | (536 | ) | (1,637 | ) | (1,220 | ) | (778 | ) | ||||||||||
Distributions from equity investments | 747 | 149 | 625 | 970 | — | |||||||||||||||
Interest on uncertain tax positions included in pre-tax income | 86 | — | — | — | — | |||||||||||||||
Income before fixed charges | 56,834 | 102,008 | 278,246 | 234,147 | 45,511 | |||||||||||||||
Plus: fixed charges | 1,504,268 | 1,242,802 | 621,309 | 255,660 | 201,211 | |||||||||||||||
Earnings (as defined) | $ | 1,561,102 | 1,344,810 | 899,555 | 489,807 | 246,722 | ||||||||||||||
Interest and amortization expense | $ | 1,502,662 | 1,241,174 | 620,111 | 254,610 | 200,296 | ||||||||||||||
Rent expense (interest portion) | 1,692 | 1,628 | 1,198 | 1,050 | 915 | |||||||||||||||
Interest included in interest expense not related to third party indebtedness | (86 | ) | — | — | — | — | ||||||||||||||
Total fixed charges | $ | 1,504,268 | 1,242,802 | 621,309 | 255,660 | 201,211 | ||||||||||||||
“Earnings” divided by fixed charges | 1.04 | 1.08 | 1.45 | 1.92 | 1.23 | |||||||||||||||