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EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
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Six Months Ended
Year Ended May 31, November 30,
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1996 1997 1998 1999 2000 1999 2000
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(In thousands, except ratios)
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Income before income taxes......... $ 702,094 $425,865 $ 899,518 $1,061,064 $1,137,740 $ 545,808 $ 589,373
Add back:
Interest expense, net of
capitalized interest........... 109,249 110,080 135,696 110,590 121,173 54,773 72,538
Amortization of debt
issuance costs................. 1,628 1,328 1,481 9,249 1,264 595 605
Portion of rent expense
representative of
interest factor................ 393,775 439,729 508,325 570,789 624,588 306,158 301,022
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Earnings as adjusted............... $1,206,746 $977,002 $1,545,020 $1,751,692 $1,884,765 $ 907,334 $ 963,538
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Fixed Charges:
Interest expense, net of
capitalized interest............. $ 109,249 $110,080 $ 135,696 $ 110,590 $ 121,173 $ 54,773 $ 72,538
Capitalized interest............... 44,654 45,717 33,009 38,880 34,823 17,097 12,000
Amortization of debt
issuance costs................... 1,628 1,328 1,481 9,249 1,264 595 605
Portion of rent expense
representative of
interest factor.................. 393,775 439,729 508,325 570,789 624,588 306,158 301,022
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$ 549,306 $596,854 $ 678,511 $ 729,508 $ 781,848 $ 378,623 $ 386,165
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Ratio of Earnings to Fixed Charges. 2.2 1.6 2.3 2.4 2.4 2.4 2.5
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