EX-12 4 0004.txt EXHIBIT 12 Exhibit 12(b) CNF TRANSPORTATION INC. COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Year Ended December 31, (dollars in thousands)
2000 1999 1998 1997 1996 ------------- ------------- ------------- ------------- ------------- Combined Fixed Charges and Preferred Stock Dividends: Interest expense $ 29,972 $ 25,972 $ 32,627 $ 39,553 $ 39,766 Capitalized interest 4,636 5,864 2,342 2,077 2,092 Dividend requirement on Series B Preferred Stock(1) 10,809 10,992 12,133 12,377 12,645 Dividend requirement on Series C Preferred Stock (1) - - - - - Dividend requirement on preferred securities of subsidiary trust 6,250 6,250 6,250 3,471 - Interest component of rental expense (2) 38,161 41,363 40,750 35,607 28,521 ------------- ------------- ------------- ------------- ------------- Fixed Charges $ 89,828 $ 90,441 $ 94,102 $ 93,085 $ 83,024 ============= ============= ============= ============= ============= Earnings: Income from continuing operations before taxes and accounting change $ 261,196 $ 332,260 $ 253,812 $ 234,812 $ 147,132 Fixed charges: 89,828 90,441 94,102 93,085 83,024 Capitalized interest (4,636) (5,864) (2,342) (2,077) (2,092) Preferred dividend requirements(3) (10,809) (10,991) (12,133) (12,377) (12,645) ------------- ------------- ------------- ------------- ------------- $ 335,579 $ 405,846 $ 333,439 $ 313,443 $ 215,419 ============= ============= ============= ============= ============= Ratio 3.7 x 4.5 x 3.5 x 3.4 x 2.6 x (1) Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt service on notes issued by the Company's Thrift and Stock Plan. (2) Estimate of the interest portion of lease payments. (3) Preferred stock dividend requirements included in Combined Fixed Charges but not deducted in the determination of Income from Continuing Operations Before Taxes and Accounting Change.