Federal National Mortgage Association (FNMA) 10-K2006 FY Annual report

Filed: 16 Aug 07, 12:00am

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Exhibit 12.2

FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in millions)


	For the Year Ended December 31,
	2006			2005		2004		2003		2002
Earnings:
Income before extraordinary gains (losses) and cumulative effect of change in accounting principle, net of taxes	$	4,047		$	6,294	$	4,975	$	7,852	$	3,914

Add:
Total interest expense		36,875			33,339		29,737		29,587		32,498
Provision for federal income taxes		166			1,277		1,024		2,434		840
Losses from partnership investments (1)		865			849		702		637		509
Capitalized interest		22			11		16		19		17
Minority interest in earnings (losses) of consolidated subsidiaries		(10	)		2		8		—		—

Earnings, as adjusted	$	41,965		$	41,772	$	36,462	$	40,529	$	37,778


Fixed charges:
Total interest expense	$	36,875		$	33,339	$	29,737	$	29,587	$	32,498
Capitalized interest		22			11		16		19		17
Preferred stock dividends and issuance costs at redemption (2)		532			585		199		197		135


Total fixed charges including preferred stock dividends and issuance costs at redemption	$	37,429		$	33,935	$	29,952	$	29,803	$	32,650


Ratio of earnings to combined fixed charges and preferred stock dividends and issuance costs at redemption		1.12:1			1.23:1		1.22:1		1.36:1		1.16:1


(1)		Includes amortized capitalized interest related to our partnership investments of $10 million, $9 million , $5 million, $5 million and $4 million for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 respectively.

(2)		Represents pre-tax earnings required to pay dividends on outstanding preferred stock using our effective income tax rate for the relevant periods.