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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
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New words:
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Removed:
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Exhibit 12.2
FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS AND ISSUANCE COST AT REDEMPTION
(Dollars in millions)
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS AND ISSUANCE COST AT REDEMPTION
(Dollars in millions)
For the Year Ended December 31, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income (Loss) before extraordinary gains (losses) | $ | (58,298 | ) | $ | (2,035 | ) | $ | 4,047 | $ | 6,294 | $ | 4,975 | ||||||||||
Add: | ||||||||||||||||||||||
Total interest expense | 34,341 | 40,185 | 36,875 | 33,339 | 29,737 | |||||||||||||||||
Provision (benefit) for federal income taxes | 13,749 | (3,091 | ) | 166 | 1,277 | 1,024 | ||||||||||||||||
Losses from partnership investments(1) | 1,554 | 1,005 | 865 | 849 | 702 | |||||||||||||||||
Capitalized interest | 20 | 30 | 22 | 11 | 16 | |||||||||||||||||
Minority interest in earnings (losses) of consolidated subsidiaries | (21 | ) | (21 | ) | 10 | (2 | ) | (8 | ) | |||||||||||||
Earnings (loss), as adjusted | $ | (8,655 | ) | $ | 36,073 | $ | 41,985 | $ | 41,768 | $ | 36,446 | |||||||||||
Fixed charges: | ||||||||||||||||||||||
Total interest expense | $ | 34,341 | $ | 40,185 | $ | 36,875 | $ | 33,339 | $ | 29,737 | ||||||||||||
Capitalized interest | 20 | 30 | 22 | 11 | 16 | |||||||||||||||||
Preferred stock dividends and issuance costs at redemption(2) | 1,546 | 320 | 532 | 585 | 199 | |||||||||||||||||
Total fixed charges including preferred stock dividends and issuance costs at redemption | $ | 35,907 | $ | 40,535 | $ | 37,429 | $ | 33,935 | $ | 29,952 | ||||||||||||
Ratio of earnings (loss) to combined fixed charges and preferred stock dividends and issuance costs at redemption | — | 0.89:1 | 1.12:1 | 1.23:1 | 1.22:1 | |||||||||||||||||
Deficiency | $ | 44,562 | $ | 4,462 |
(1) | Includes amortized capitalized interest related to our partnership investments of $13 million, $11 million, $10 million, $9 million and $5 million for the years ended December 2008, 2007, 2006, 2005, and 2004, respectively. | |
(2) | Represents pre-tax earnings required to pay dividends on outstanding preferred stock using our effective income tax rate for the relevant periods. |