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Exhibit 12.1
FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
(Dollars in millions)
| For the Year Ended December 31, | ||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | |||||||||||||
| Earnings: | ||||||||||||||||
| Income before extraordinary gains (losses) and cumulative effect of change in accounting principle, net of taxes | $ | 6,294 | $ | 4,975 | $ | 7,852 | $ | 3,914 | ||||||||
| Add: | ||||||||||||||||
| Total interest expense | 33,339 | 29,737 | 29,587 | 32,498 | ||||||||||||
| Provision for federal income taxes | 1,277 | 1,024 | 2,434 | 840 | ||||||||||||
| Loss from partnership investments (1) | 849 | 702 | 637 | 509 | ||||||||||||
| Capitalized interest | 11 | 16 | 19 | 17 | ||||||||||||
| Minority interest in earnings of consolidated subsidiaries | 2 | 8 | — | — | ||||||||||||
| Earnings, as adjusted | $ | 41,772 | $ | 36,462 | $ | 40,529 | $ | 37,778 | ||||||||
| Fixed charges: | ||||||||||||||||
| Total interest expense | $ | 33,339 | $ | 29,737 | $ | 29,587 | $ | 32,498 | ||||||||
| Capitalized interest | 11 | 16 | 19 | 17 | ||||||||||||
| Total fixed charges | $ | 33,350 | $ | 29,753 | $ | 29,606 | $ | 32,515 | ||||||||
| Ratio of earnings to fixed charges | 1.25:1 | 1.23:1 | 1.37:1 | 1.16:1 | ||||||||||||
| (1) | Includes amortized capitalized interest related to our partnership investments of $9 million, $5 million, $5 million and $4 million for the years ended December 31, 2005, 2004, 2003 and 2002, respectively. |