United Parcel Service (UPS) 10-Q 2005 Q3 Quarterly report

Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(in millions)	Nine Months Ended September 30,
	2005		2004
Earnings:
Earnings before income taxes and accounting changes	$	4,408	$	3,730
Add: Interest expense		120		112
Add: One-third of rental expense (a)		185		171
Total earnings	$	4,713	$	4,013
Fixed Charges:
Interest expense	$	120	$	112
Interest capitalized		25		18
One-third of rental expense (a)		185		171
Total fixed charges	$	330	$	301
Ratio of Earnings to Fixed Charges		14.3		13.3

(a) Considered to be representative of interest factor in rental expense.