EX-12 4 a12_12ex12.htm EXHIBIT 12_12 Ex 12


Exhibit 12

Con-way Inc.
Computation of Ratios of Earnings to Fixed Charges
Year ended December 31,




(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
before income tax provision
 
$
170,954

 
$
148,072

 
$
16,557

 
$
(90,269
)
 
$
134,917

 
Add:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
 
54,777

 
55,589

 
59,015

 
64,440

 
62,936

 
Interest component of rental expense (1)
 
5,474

 
5,504

 
6,334

 
7,305

 
12,012

 
Earnings (Loss) as adjusted
 
$
231,205

 
$
209,165

 
$
81,906

 
$
(18,524
)
 
$
209,865

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
 
$
54,777

 
$
55,589

 
$
59,015

 
$
64,440

 
$
62,936

 
Capitalized interest
 
—

 
—

 
—

 
146

 
645

 
Dividend requirement on Series B Preferred Stock (2)
 
—

 
—

 
—

 
3,189

 
7,134

 
Interest component of rental expense (1)
 
5,474

 
5,504

 
6,334

 
7,305

 
12,012

 
Fixed Charges
 
$
60,251

 
$
61,093

 
$
65,349

 
$
75,080

 
$
82,727

 
Ratio of Earnings (Loss) to Fixed Charges
 
3.8

x
3.4

x
1.3

x
(0.2
)
x
2.5

x

(1)
Estimate of the interest portion of lease payments.
(2)
Dividends on shares of the Series B cumulative convertible preferred stock were used to pay debt service on notes issued by Con-way's Retirement Savings Plan. The notes were repaid at maturity in January 2009.