Exhibit 12
Con-way Inc.
Computation of Ratios of Earnings to Fixed Charges
Year ended December 31,
| (Dollars in thousands) | |||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
| Earnings: | |||||||||||||||||||||
| Income (Loss) before income tax provision | $ | 154,365 | $ | 170,954 | $ | 148,072 | $ | 16,557 | $ | (90,269 | ) | ||||||||||
| Add: | |||||||||||||||||||||
| Interest expense, net of capitalized interest | 53,339 | 54,777 | 55,589 | 59,015 | 64,440 | ||||||||||||||||
| Interest component of rental expense (1) | 5,932 | 5,474 | 5,504 | 6,334 | 7,305 | ||||||||||||||||
| Earnings (Loss) as adjusted | $ | 213,636 | $ | 231,205 | $ | 209,165 | $ | 81,906 | $ | (18,524 | ) | ||||||||||
| Fixed Charges: | |||||||||||||||||||||
| Interest expense, net of capitalized interest | $ | 53,339 | $ | 54,777 | $ | 55,589 | $ | 59,015 | $ | 64,440 | |||||||||||
| Capitalized interest | — | — | — | — | 146 | ||||||||||||||||
| Dividend requirement on Series B Preferred Stock (2) | — | — | — | — | 3,189 | ||||||||||||||||
| Interest component of rental expense (1) | 5,932 | 5,474 | 5,504 | 6,334 | 7,305 | ||||||||||||||||
| Fixed Charges | $ | 59,271 | $ | 60,251 | $ | 61,093 | $ | 65,349 | $ | 75,080 | |||||||||||
| Ratio of Earnings (Loss) to Fixed Charges | 3.6 | x | 3.8 | x | 3.4 | x | 1.3 | x | (0.2 | ) | x | ||||||||||
| (1) | Estimate of the interest portion of lease payments. |
| (2) | Dividends on shares of the Series B cumulative convertible preferred stock were used to pay debt service on notes issued by Con-way's Retirement Savings Plan. The notes were repaid at maturity in January 2009. |