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Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(in millions) | Six Months Ended June 30, | |||||
2005 | 2004 | |||||
Earnings: | ||||||
Earnings before income taxes and accounting changes | $ | 2,919 | $ | 2,484 | ||
Add: Interest expense | 83 | 74 | ||||
Add: One-third of rental expense (a) | 123 | 115 | ||||
Total earnings | $ | 3,125 | $ | 2,673 | ||
Fixed Charges: | ||||||
Interest expense | $ | 83 | $ | 74 | ||
Interest capitalized | 15 | 12 | ||||
One-third of rental expense (a) | 123 | 115 | ||||
Total fixed charges | $ | 221 | $ | 201 | ||
Ratio of Earnings to Fixed Charges | 14.1 | 13.3 | ||||
(a) | Considered to be representative of interest factor in rental expense. |