Exhibit 12.1
Federal Home Loan Bank of Pittsburgh
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
For the year-ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | |||||||||||||||||
(dollars in thousands) | 2005 | (restated) | (restated) | (restated) | (restated) | |||||||||||||||
Earnings | ||||||||||||||||||||
Income before assessments and cumulative effect of change in accounting principle | $ | 261,130 | $ | 152,015 | $ | 93,496 | $ | (36,706 | ) | $ | 130,988 | |||||||||
Fixed charges | 2,143,056 | 1,084,230 | 916,497 | 1,085,232 | 1,756,912 | |||||||||||||||
Earnings available for fixed charges | 2,404,186 | 1,236,245 | 1,009,993 | 1,048,526 | 1,887,900 | |||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | 2,142,256 | 1,083,502 | 915,842 | 1,084,593 | 1,756,211 | |||||||||||||||
Interest portion of net rent expense(1) | 800 | 728 | 655 | 639 | 701 | |||||||||||||||
Total fixed charges | $ | 2,143,056 | $ | 1,084,230 | $ | 916,497 | $ | 1,085,232 | $ | 1,756,912 | ||||||||||
Ratio of earnings to fixed charges | 1.12 | 1.14 | 1.10 | (A) | 1.07 | |||||||||||||||
(A) | Due to the Bank’s loss in 2002, the ratio coverage was less than 1:1. The Bank must generate additional earnings of $37 million to achieve a coverage of 1:1. | |
Note: (1) Represents one-third (the proportion deemed representative of the interest portion) of rent expense |
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