Exhibit 12.1
NELNET, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
|
Nine Months Ended September 30, |
Year Ended December 31, |
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|
2008 |
|
2007 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
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|
Income from continuing |
$ |
(1,523 |
) |
26,167 |
57,145 |
102,395 |
279,258 |
234,397 |
46,289 |
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|
Income from equity investments |
(14 |
) |
(1,444 |
) |
(1,144 |
) |
(536 |
) |
(1,637 |
) |
(1,220 |
) |
(778 |
) |
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|
Distributions from equity investments |
-- |
|
747 |
747 |
149 |
625 |
970 |
-- |
|
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|
Interest on uncertain tax positions included in pre-tax income |
236 |
(225 |
) |
86 |
-- |
|
-- |
|
-- |
|
-- |
|
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|
Income before fixed charges |
(1,301 |
) |
25,245 |
56,834 |
102,008 |
278,246 |
234,147 |
45,511 |
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|
Plus: fixed charges |
792,489 |
1,113,878 |
1,504,268 |
1,242,802 |
621,309 |
255,660 |
201,211 |
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|
Earnings (as defined) |
$ |
791,188 |
1,139,123 |
1,561,102 |
1,344,810 |
899,555 |
489,807 |
246,722 |
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Interest and amortization expense |
$ |
791,621 |
1,112,263 |
1,502,662 |
1,241,174 |
620,111 |
254,610 |
200,296 |
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|
Rent expense (interest portion) |
1,104 |
1,390 |
1,692 |
1,628 |
1,198 |
|
1,050 |
915 |
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|
Interest included in interest |
(236 |
) |
225 |
(86 |
) |
-- |
|
-- |
|
-- |
|
-- |
|
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|
Total fixed charges |
$ |
792,489 |
1,113,878 |
1,504,268 |
1,242,802 |
621,309 |
255,660 |
201,211 |
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“Earnings” divided by fixed |
1.00 |
1.02 |
1.04 |
1.08 |
1.45 |
1.92 |
1.23 |
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