Exhibit 12(a)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
1999 1998 1997 1996 1995
------------- ------------- ------------- ------------- -------------
(dollars in thousands)
Fixed Charges:
Interest expense $ 25,972 $ 32,627 $ 39,553 $ 39,766 $ 33,407
Capitalized interest 5,864 2,342 2,077 2,092 731
Dividend requirement on Series B
Preferred Stock(1) 10,992 12,133 12,377 12,645 12,419
Interest component of
rental expense (2) 41,363 40,750 35,607 28,521 29,210
------------- ------------- ------------- ------------- -------------
Fixed Charges $ 84,191 $ 87,852 $ 89,614 $ 83,024 $ 75,767
============= ============= ============= ============= =============
Earnings:
Income from continuing
operations before taxes $ 337,122 $ 250,411 $ 221,814 $ 147,132 $ 152,942
Fixed charges 84,191 87,852 89,614 83,024 75,767
Capitalized interest (5,864) (2,342) (2,077) (2,092) (731)
Preferred dividend requirements(3) (10,992) (12,133) (12,377) (12,645) (12,419)
------------- ------------- ------------- ------------- -------------
$ 404,457 $ 323,788 $ 296,974 $ 215,419 $ 215,559
============= ============= ============= ============= =============
Ratio 4.8 x 3.7 x 3.3 x 2.6 x 2.8 x
<FN>
(1) Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt
service on notes issued by the Company's Thrift and Stock Plan.
(2) Estimate of the interest portion of lease payments.
(3) Preferred stock dividend requirements included in Fixed Charges but not deducted in
the determination of Income from Continuing Operations Before Income Taxes.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>5
<DESCRIPTION>EX-12B
<TEXT>
Exhibit 12(b)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended December 31,
1999 1998 1997 1996 1995
------------- ------------- ------------- ------------- -------------
(dollars in thousands)
Combined Fixed Charges and Preferred
Stock Dividends:
Interest expense $ 25,972 $ 32,627 $ 39,553 $ 39,766 $ 33,407
Capitalized interest 5,864 2,342 2,077 2,092 731
Dividend requirement on Series B
Preferred Stock(1) 10,992 12,133 12,377 12,645 12,419
Dividend requirement on Series C
Preferred Stock (1) - - - - 2,207
Dividend requirement on preferred
securities of subsidiary trust 6,250 6,250 3,471 - -
Interest component of
rental expense (2) 41,363 40,750 35,607 28,521 29,210
------------- ------------- ------------- ------------- -------------
Fixed Charges $ 90,441 $ 94,102 $ 93,085 $ 83,024 $ 77,974
============= ============= ============= ============= =============
Earnings:
Income from continuing
operations before taxes $ 337,122 $ 250,411 $ 221,814 $ 147,132 $ 152,942
Fixed charges: 90,441 94,102 93,085 83,024 77,974
Capitalized interest (5,864) (2,342) (2,077) (2,092) (731)
Preferred dividend requirements(3) (10,992) (12,133) (12,377) (12,645) (14,626)
------------- ------------- ------------- ------------- -------------
$ 410,707 $ 330,038 $ 300,445 $ 215,419 $ 215,559
============= ============= ============= ============= =============
Ratio 4.5 x 3.5 x 3.2 x 2.6 x 2.8 x
<FN>
(1) Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt
service on notes issued by the Company's Thrift and Stock Plan. Preferred stock dividends include
dividends on the Series C Conversion Preferred Stock, all of which was converted into Common
Stock in March 1995.
(2) Estimate of the interest portion of lease payments.
(3) Preferred stock dividend requirements included in Combined Fixed Charges but not deducted in
the determination of Income from Continuing Operations Before Income Taxes.