Federal Express 10-Q 2013 Q1 Quarterly report

EXHIBIT 12.1

FEDERAL EXPRESS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Three Months Ended
	August 31,				Year Ended May 31,
	2012		2011		2012		2011		2010		2009		2008
Earnings:
Income before income taxes	$	195	$	277	$	1,237	$	1,140	$	1,059	$	732	$	1,846
Add back:
Interest expense, net of capitalized interest		—		—		—		—		—		4		19
Portion of rent expense representative of interest factor		141		150		566		611		572		576		587
Earnings as adjusted	$	336	$	427	$	1,803	$	1,751	$	1,631	$	1,312	$	2,452
Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	—	$	—	$	4	$	19
Capitalized interest		18		22		80		61		65		58		46
Portion of rent expense representative of interest factor		141		150		566		611		572		576		587
	$	159	$	172	$	646	$	672	$	637	$	638	$	652
Ratio of Earnings to Fixed Charges		2.1		2.5		2.8		2.6		2.6		2.1		3.8