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Exhibit 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
COMPUTATION OF RATIO OF MARGINS TO FIXED CHARGES
(Dollar Amounts In Thousands)
For the Years Ended May 31, 2004, 2003, 2002, 2001, and 2000
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||
Net (loss) margin prior to cumulative effect of change in accounting principle | $ | (200,390 | ) | $ | 651,970 | $ | 78,873 | $ | 132,766 | $ | 115,333 | ||||||||||
Add: Fixed charges | 914,228 | 930,847 | 885,838 | 1,117,839 | 861,324 | ||||||||||||||||
Margins available for fixed charges | $ | 713,838 | $ | 1,582,817 | $ | 964,711 | $ | 1,250,605 | $ | 976,657 | |||||||||||
Fixed charges: | |||||||||||||||||||||
Interest on all debt (including amortization of discount and issuance costs) | $ | 914,228 | $ | 930,847 | $ | 885,838 | $ | 1,117,839 | $ | 861,324 | |||||||||||
Total fixed charges | $ | 914,228 | $ | 930,847 | $ | 885,838 | $ | 1,117,839 | $ | 861,324 | |||||||||||
Ratio of margins to fixed charges | — | 1.70 | 1.09 | 1.12 | 1.13 | ||||||||||||||||
For the year ended May 31, 2004, earnings were insufficient to cover fixed charges by $200 million.