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Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Nine Months | Year Ended December 31, | |||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Earnings: | ||||||||||||||||||
Income before income taxes | $ | 4,724 | $ | 6,510 | $ | 6,075 | $ | 4,922 | $ | 4,370 | $ | 5,009 | ||||||
Add: Interest expense | 163 | 211 | 172 | 149 | 121 | 173 | ||||||||||||
Add: Interest factor in rental expense | 219 | 304 | 281 | 253 | 244 | 257 | ||||||||||||
Total earnings | $ | 5,106 | $ | 7,025 | $ | 6,528 | $ | 5,324 | $ | 4,735 | $ | 5,439 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 163 | $ | 211 | $ | 172 | $ | 149 | $ | 121 | $ | 173 | ||||||
Interest capitalized | 50 | 48 | 32 | 25 | 25 | 25 | ||||||||||||
Interest factor in rental expense | 219 | 304 | 281 | 253 | 244 | 257 | ||||||||||||
Total fixed charges | $ | 432 | $ | 563 | $ | 485 | $ | 427 | $ | 390 | $ | 455 | ||||||
Ratio of earnings to fixed charges | 11.8 | 12.5 | 13.5 | 12.5 | 12.1 | 12.0 | ||||||||||||