Fannie Mae 2004 Annual Report Download - page 69

(8)
Unpaid principal balance of Fannie Mae MBS held by third-party investors. The principal balance of resecuritized
Fannie Mae MBS is included only once.
(9)
Net income available to common stockholders divided by average total assets.
(10)
Net income available to common stockholders divided by average outstanding common equity.
(11)
Average stockholders’ equity divided by average total assets.
(12)
Common dividend payments divided by net income available to common stockholders.
(13)
Guaranty fee income as a percentage of average outstanding Fannie Mae MBS and other guaranties.
(14)
Charge-offs, net of recoveries and foreclosed property expense (income), as a percentage of the average mortgage
credit book of business.
(15)
“Earnings” includes reported income before extraordinary gains (losses), net of tax effect and cumulative effect of
change in accounting principle, net of tax effect plus (a) provision for federal income taxes, minority interest in
earnings of consolidated subsidiaries, loss from partnership investments, capitalized interest and total interest expense.
“Combined fixed charges and preferred stock dividends and issuance costs at redemption” includes (a) fixed charges
(b) preferred stock dividends and issuance costs on redemptions of preferred stock, defined as pretax earnings required
to pay dividends on outstanding preferred stock using our effective income tax rate for the relevant periods. Fixed
charges represent total interest expense and capitalized interest.
Notes
* Average balances for purposes of the ratio calculations are based on beginning and end of year balances.
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