EXHIBIT 12 AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES RATIO OF SENIOR LONG-TERM DEBT AND TOTAL LONG-TERM DEBT TO TOTAL CAPITALIZATION DECEMBER 31, 1996 ----------------- (Dollars in thousands) SENIOR LONG-TERM DEBT: Revolving Credit Agreement $ 145,000 Money Market Lines of Credit 43,500 Senior Notes 200,000 Refunding Revenue Bonds 13,200 Other 8,093 -------- 409,793 Less Current Portion 353 -------- Senior Long-Term Debt $ 409,440 ======== TOTAL LONG-TERM DEBT: Senior Long-Term Debt $ 409,440 Convertible Subordinated Debentures 115,000 -------- Total Long-Term Debt $ 524,440 ======== TOTAL CAPITALIZATION: Long-Term Debt $ 524,440 Deferred Income Taxes 40,816 Redeemable Preferred Stock -- Shareholders Equity, Net 431,830 -------- Total Capitalization $ 997,086 ======== RATIO OF SENIOR LONG-TERM DEBT TO TOTAL CAPITALIZATION 41.1% ======== RATIO OF TOTAL LONG-TERM DEBT TO TOTAL CAPITALIZATION 52.6% ========