EX-12 8 h95091ex12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 EGL, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS)
YEAR ENDED DECEMBER 31, ----------------------------------------------- 2001 2000 1999 1998 1997 ----------------------------------------------- EARNINGS: Pretax income (66,011) 12,441 84,020 65,441 67,769 Deduct: Minority interest 1,161 1,654 920 928 1,286 Income from affiliates (3,145) 1,599 3,922 3,853 5,785 Add: Fixed charges 33,269 20,095 13,825 10,571 9,946 Amortization of capitalized interest -- -- -- -- -- Distributed income of equity investees -- -- -- -- -- Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- -- -- Subtract: Interest capitalized 854 -- -- -- -- Preference security dividend -- -- -- -- -- Minority interest in pretax income of subsidiaries that have incurred fixed charges -- -- -- -- -- TOTAL EARNINGS (29,290) 32,591 94,843 73,087 73,216 FIXED CHARGES: Interest costs expensed 10,543 7,005 3,193 1,953 2,922 Interest costs capitalized 854 -- -- -- -- Amortization of debt discount or premium 1,279 245 60 15 -- Rental expense 61,778 38,536 31,717 25,810 21,073 Portion of rental expense as can be demonstrated to be representative of the interest factor 20,593 12,845 10,572 8,603 7,024 TOTAL FIXED CHARGES 33,269 20,095 13,825 10,571 9,946 RATIO -- 1.62 6.86 6.91 7.36 SHORT FALL FOR THE YEAR ENDED DECEMBER 31, 2001 62,559