Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended September 30, 2007			2006			2005			2004			2003			2002
Fixed Charges:
Interest expense (1)	$	27,927		$	34,791		$	38,465		$	43,647		$	30,715		$	23,939
Capitalized interest		402			917			136			173			241			455
Dividend requirement on Series B Preferred Stock (2)		5,777			8,173			9,114			9,797			10,072			10,331
Interest component of rental expense (3)		5,538			7,384			7,733			6,590			8,976			8,974
Fixed Charges	$	39,644		$	51,265		$	55,448		$	60,207		$	50,004		$	43,699
Earnings:
Income from continuing operations before taxes	$	189,391		$	392,309		$	352,356		$	248,775		$	205,982		$	162,284
Loss (Income) from equity-method investment (4)		2,699			(52,599	)		(16,061	)		(18,253	)		(20,718	)		(18,188	)
		192,090			339,710			336,295			230,522			185,264			144,096
Fixed Charges		39,644			51,265			55,448			60,207			50,004			43,699
Capitalized interest		(402	)		(917	)		(136	)		(173	)		(241	)		(455	)
Preferred dividend requirements (5)		(5,777	)		(8,173	)		(9,114	)		(9,797	)		(10,072	)		(10,331	)
	$	225,555		$	381,885		$	382,493		$	280,759		$	224,955		$	177,009
Ratio		5.7	x		7.4	x		6.9	x		4.7	x		4.5	x		4.1	x

(1) Includes amortization of debt issuance costs classified in miscellaneous, net for periods prior to 2007.

(2) Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt service on notes issued by Con-way’s Retirement Savings Plan.

(3) Estimate of the interest portion of lease payments.

(4) The year ended December 31, 2006, includes a gain of $41.0 million for the sale of Menlo Worldwide’s membership interest in its equity-method investment. In the first nine months of 2007, operating income included a $2.7 million first-quarter loss for the write-off of a receivable related to such sale.

(5) Preferred stock dividend requirements included in Fixed Charges but not deducted in the determination of income from continuing operations before income taxes.