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Exhibit 12.1
FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
For the Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Earnings: | |||||||||||||||||||||
Net income (loss) | $ | 10,955 | $ | 14,209 | $ | 83,982 | $ | 17,220 | $ | (16,855 | ) | ||||||||||
Add: | |||||||||||||||||||||
Total interest expense | 88,033 | 94,437 | 95,145 | 107,689 | 123,662 | ||||||||||||||||
Provision (benefit) for federal income taxes(1) | 5,253 | 6,941 | (45,415 | ) | — | (90 | ) | ||||||||||||||
Gains from partnership investments | (244 | ) | (268 | ) | (518 | ) | (120 | ) | (81 | ) | |||||||||||
Capitalized interest | 6 | 3 | 1 | 1 | 1 | ||||||||||||||||
Earnings, as adjusted | $ | 104,003 | $ | 115,322 | $ | 133,195 | $ | 124,790 | $ | 106,637 | |||||||||||
Fixed charges: | |||||||||||||||||||||
Total interest expense | 88,033 | 94,437 | 95,145 | 107,689 | 123,662 | ||||||||||||||||
Capitalized interest | 6 | 3 | 1 | 1 | 1 | ||||||||||||||||
Total fixed charges | $ | 88,039 | $ | 94,440 | $ | 95,146 | $ | 107,690 | $ | 123,663 | |||||||||||
Ratio of earnings to fixed charges | 1.18:1 | 1.22:1 | 1.40:1 | 1.16:1 | 0.86:1 | ||||||||||||||||
Deficiency (surplus) | (15,964 | ) | (20,882 | ) | (38,049 | ) | (17,100 | ) | 17,026 |
__________
(1) | In 2013, we released the substantial majority of the valuation allowance for our net deferred tax assets that resulted in the recognition of a benefit for federal income taxes of $45.4 billion in our consolidated statement of operations and comprehensive income for the year ended December 31, 2013. |