Federal Express 10-Q2002 Q2 Quarterly report

Filed: 14 Jan 02, 12:00am

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Removed: authorized, began, behalf, composite, Computation, delivery, duly, equity, Europe, exhibit, financed, generated, HILLARD, historically, incorporation, internally, Letter, MICHAEL, owner, portion, Prepaid, property, Provision, Qualitative, Quantitative, Ratio, Retained, segment, thereunto, trend, undersigned, upward

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EXHIBIT 12.1

FEDERAL EXPRESS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)

		Six Months Ended November 30,				Year Ended May 31,
		2001		2000		2001		2000		1999		1998		1997
Earnings:
	Income before income taxes	$	387	$	489	$	785	$	843	$	771	$	735	$	628
Add back:
	Interest expense, net of capitalized interest		36		40		75		82		91		118		96
	Amortization of debt issuance costs		—		—		1		1		9		1		1
	Portion of rent expense representative of interest factor		298		278		563		575		535		500		435

Earnings as adjusted		$	721	$	807	$	1,424	$	1,501	$	1,406	$	1,354	$	1,160

Fixed Charges:
	Interest expense, net of capitalized interest	$	36	$	40	$	75	$	82	$	91	$	118	$	96
	Capitalized interest		14		9		23		30		35		31		39
	Amortization of debt issuance costs		—		—		1		1		9		1		1
	Portion of rent expense representative of interest factor		298		278		563		575		535		500		435

		$	348	$	327	$	662	$	688	$	670	$	650	$	571

Ratio of Earnings to Fixed Charges			2.1		2.5		2.2		2.2		2.1		2.1		2.0

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EXHIBIT 12.1