EX-99 3 q102_99b.txt Exhibit 99(b) CNF INC. COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in thousands) Three Months Ended March 31, --------------------------- 2002 2001 ----------- ----------- Combined Fixed Charges and Preferred Stock Dividends: Interest Expense $ 5,885 $ 7,793 Capitalized Interest 248 609 Dividend Requirement on Series B Preferred Stock [1] 2,604 2,666 Dividend Requirement on Preferred Securities of Subsidiary Trust 1,563 1,563 Interest Component of Rental Expense [2] 5,812 11,477 ----------- ----------- $ 16,112 $ 24,108 ----------- ----------- Earnings: Income from Continuing Operations before Taxes $ 33,222 $ 25,928 Fixed Charges 16,112 24,108 Capitalized Interest (248) (609) Preferred Dividend Requirements [3] (2,604) (2,666) ----------- ----------- $ 46,482 $ 46,761 ----------- ----------- Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: 2.9x 1.9x =========== =========== [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 fixed charges but not deducted in the determination of Income from Continuing Operations before Taxes.