Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, 2009 | Year Ended December 31, | |||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||
Earnings: | ||||||||||||||||||
Income before income taxes | $ | 2,183 | $ | 5,015 | $ | 431 | $ | 6,510 | $ | 6,075 | $ | 4,922 | ||||||
Add: Interest expense | 356 | 442 | 246 | 211 | 172 | 149 | ||||||||||||
Add: Interest factor in rental expense | 151 | 278 | 296 | 304 | 281 | 253 | ||||||||||||
Total earnings | $ | 2,690 | $ | 5,735 | $ | 973 | $ | 7,025 | $ | 6,528 | $ | 5,324 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 356 | $ | 442 | $ | 246 | $ | 211 | $ | 172 | $ | 149 | ||||||
Interest capitalized | 31 | 48 | 67 | 48 | 32 | 25 | ||||||||||||
Interest factor in rental expense | 151 | 278 | 296 | 304 | 281 | 253 | ||||||||||||
Total fixed charges | $ | 538 | $ | 768 | $ | 609 | $ | 563 | $ | 485 | $ | 427 | ||||||
Ratio of earnings to fixed charges | 5.0 | 7.5 | 1.6 | 12.5 | 13.5 | 12.5 | ||||||||||||
