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EXHIBIT 12.1
USA EDUCATION, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
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SIX MONTHS ENDED
YEARS ENDED DECEMBER 31, JUNE 30,
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1995 1996 1997 1998 1999 1999 2000
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Pre-tax income from continuing operations
before adjustment for minority
interests in consolidated
subsidiaries........................... $ 504,897 $ 600,327 $ 759,748 $ 750,131 $ 751,652 $ 355,285 $ 415,795
Add: Fixed charges................... 3,039,522 2,600,048 2,544,584 1,948,995 2,140,588 954,888 1,324,488
Less: Other adjustments.............. (2,421) (711) -- -- -- -- --
Less: Preferred dividends............ (16,452) (16,452) (18,428) (23,998) (25,803) (11,654) (21,234)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total earnings......................... $3,525,546 $3,183,212 $3,285,904 $2,675,128 $2,866,437 $1,298,519 $1,719,049
========== ========== ========== ========== ========== ========== ==========
Fixed charges
Interest expenses.................... $3,020,649 $2,582,885 $2,526,156 $1,924,997 $2,114,785 $ 943,234 $1,303,254
Preferred dividends.................. 16,452 16,452 18,428 23,998 25,803 11,654 21,234
Other adjustments.................... 2,421 711 -- -- -- -- --
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Total fixed charges...................... $3,039,522 $2,600,048 $2,544,584 $1,948,995 $2,140,588 $ 954,888 $1,324,488
========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to fixed charges and
preferred stock dividends.............. 1.16 1.22 1.29 1.37 1.34 1.36 1.30
========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to fixed charges....... 1.16 1.23 1.29 1.38 1.34 1.36 1.30
========== ========== ========== ========== ========== ========== ==========
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For purposes of the "earnings" computation, "other adjustments" includes
capitalized interest cost.
For purposes of the "fixed charges" computation, "other adjustments" includes
capitalized interest cost.
