Con-way (CNW) Inactive 10-K2005 FY Annual report

Filed: 14 Mar 06, 12:00am

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Exhibit 12

CNF INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,


(Dollars in thousands)	2005			2004			2003			2002			2001
Fixed Charges:
Interest expense	$	37,501		$	39,695		$	29,597		$	22,825		$	27,009
Capitalized interest		136			173			241			455			864
Amortization of debt expense		964			3,952			1,118			1,114			857
Dividend requirement on Series B
Preferred Stock (1)		9,114			9,797			10,072			10,331			10,606
Interest component of rental expense (2)		7,733			6,590			8,976			8,974			12,675

Fixed Charges	$	55,448		$	60,207		$	50,004		$	43,699		$	52,011

Earnings (Loss):
Income from continuing operations before taxes (3)	$	351,121		$	246,823		$	197,517		$	152,328		$	85,007
(Income) Loss from equity-method investment		(16,061	)		(18,253	)		(20,718	)		(18,188	)		9,415

		335,060			228,570			176,799			134,140			94,422
Fixed charges		55,448			60,207			50,004			43,699			52,011
Capitalized interest		(136	)		(173	)		(241	)		(455	)		(864	)
Preferred dividend requirements (4)		(9,114	)		(9,797	)		(10,072	)		(10,331	)		(10,606	)

	$	381,258		$	278,807		$	216,490		$	167,053		$	134,963

Ratio		6.9	x		4.6	x		4.3	x		3.8	x		2.6	x


(1)		Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt service on notes issued by the CNF’s Thrift and Stock Plan.

(2)		Estimate of the interest portion of lease payments.

(3)		For the year ended December 31, 2001, Menlo Worldwide Logistics results included a $47.5 million loss from the business failure of a customer.

(4)		Preferred stock dividend requirements included in Fixed Charges but not deducted in the determination of Income (Loss) from Continuing Operations Before Income Taxes.