Freddie Mac 2008 Annual Report Download - page 288
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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
2008
(1)
2007
(1)
2006 2005 2004
Year Ended December 31,
(dollars in millions)
Net income (loss) before cumulative effect of changes in accounting principles ....... $(50,119) $ (3,094) $ 2,327 $ 2,172 $ 2,603
Add:
Income tax expense (benefit) ....................................... 5,550 (2,883) (45) 358 609
Minority interests in earnings (loss) of consolidated subsidiaries ............... 8 (8) 58 96 129
Low-income housing tax credit partnerships . ............................ 453 469 407 320 282
Total interest expense . . .......................................... 33,332 38,482 37,270 29,899 26,566
Interest factor in rental expenses . . ................................... 8 7 6 6 6
Earnings (loss), as adjusted .......................................... $(10,768) $32,973 $40,023 $32,851 $30,195
Fixed charges:
Total interest expense . . .......................................... $33,332 $38,482 $37,270 $29,899 $26,566
Interest factor in rental expenses . . ................................... 8 7 6 6 6
Capitalized interest .............................................. — — — — 1
Total fixed charges ................................................ $33,340 $38,489 $37,276 $29,905 $26,573
Ratio of earnings to fixed charges
(2)
.................................... — — 1.07 1.10 1.14
(1) For the ratio of earnings to fixed charges to equal 1.00, earnings (loss), as adjusted must increase by $44.1 billion and $5.5 billion for the years ended
December 31, 2008 and 2007, respectively.
(2) Ratio of earnings to fixed charges is computed by dividing earnings, as adjusted by total fixed charges.