EX-12.1 3 dex121.txt RATIO OF EARNINGS TO FIXED CHARGES AIRBORNE, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 (Dollars in thousands)
ACTUALS FOR THE YEAR ENDED DECEMBER 31, 1997 1998 1999 2000 2001 ------------ ------------ ------------ ----------- ----------- EARNINGS: Earnings (loss) before taxes $197,465 $221,585 $147,388 $23,226 ($28,904) Fixed charges 41,819 31,069 31,682 40,670 43,331 Less: Capitalized interest expenses (1,869) (5,850) (3,969) (6,770) (2,377) ------------ ------------ ------------ ----------- ----------- Total earnings $237,415 $246,804 $175,101 $57,126 $12,050 ============ ============ ============ =========== =========== CALCULATION OF FIXED CHARGES: Net interest expense $ 27,790 $ 12,882 $ 17,262 $23,425 $19,868 Add: Capitalized interest expenses 1,869 5,850 3,969 6,770 2,377 Add: Interest income 105 169 232 371 1,696 ------------ ------------ ------------ ----------- ----------- Gross interest expense 29,764 18,901 21,463 30,566 23,941 DISCOUNTS ON SALES OF RECEIVABLES - - - 96 9,293 AMORTIZATION OF DEBT EXPENSE 520 383 377 452 800 RENTAL EXPENSE: Total 115,350 117,862 98,416 95,559 92,969 Factor 10% 10% 10% 10% 10% ------------ ------------ ------------ ----------- ----------- Net "interest" component 11,535 11,786 9,842 9,556 9,297 ------------ ------------ ------------ ----------- ----------- TOTAL FIXED CHARGES $ 41,819 $ 31,069 $ 31,682 $40,670 $43,331 ============ ============ ============ =========== =========== RATIO OF EARNINGS TO FIXED CHARGES 5.68 7.94 5.53 1.40 - ============ ============ ============ =========== =========== FOR THE FOR THE QUARTER ENDED QUARTER ENDED MARCH 31, 2002 MARCH 31, 2001 ----------------------------------- EARNINGS: Earnings (loss) before taxes $ 8,913 ($26,267) Fixed charges 11,668 2,885 Less: Capitalized interest expenses 0 (1,058) ------------------------------ Total earnings (loss) $ 20,581 ($24,440) ============================== CALCULATION OF FIXED CHARGES: Net interest expense $ 6,871 ($4,497) Add: Capitalized interest expenses 0 1,058 Add: Interest income 808 112 ============================== Gross interest expense 7,679 (3,327) DISCOUNTS ON SALES OF RECEIVABLES 1,305 3,758 AMORTIZATION OF DEBT EXPENSE 283 140 RENTAL EXPENSE: Total 24,011 23,134 Factor 10% 10% ------------------------------ Net "interest" component 2,401 2,313 ------------------------------ TOTAL FIXED CHARGES $ 11,668 $ 2,885 ============================== RATIO OF EARNINGS TO FIXED CHARGES 1.76 --- ==============================