EX-99 3 q1_99a.txt Exhibit 99.1(a) CNF INC. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollars in thousands) Three Months Ended March 31, 2003 2002 Fixed Charges: ------------ ------------ Interest Expense $ 7,661 $ 5,885 Capitalized Interest 46 248 Amortization of Debt Expense 331 327 Dividend Requirement on Series B Preferred Stock [1] 2,534 2,604 Interest Component of Rental Expense [2] 7,534 5,812 ------------ ------------ $ 18,106 $ 14,876 ------------ ------------ Earnings: Income Before Taxes $ 29,435 $ 33,222 Fixed Charges 18,106 14,876 Capitalized Interest (46) (248) Preferred Dividend Requirements [3] (2,534) (2,604) ------------ ------------ $ 44,961 $ 45,246 ------------ ------------ Ratio of Earnings to Fixed Charges: 2.5x 3.0x ============ ============ [1] Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt service on notes issued by the CNF'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 Before Taxes.