Exhibit 12(a)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
(dollars in thousands)
2000 1999 1998 1997 1996
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Fixed Charges:
Interest expense $ 29,972 $ 25,972 $ 32,627 $ 39,553 $ 39,766
Capitalized interest 4,636 5,864 2,342 2,077 2,092
Dividend requirement on Series B
Preferred Stock(1) 10,809 10,992 12,133 12,377 12,645
Interest component of
rental expense (2) 38,161 41,363 40,750 35,607 28,521
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Fixed Charges $ 83,578 $ 84,191 $ 87,852 $ 89,614 $ 83,024
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Earnings:
Income from continuing
operations before taxes
and accounting change $ 261,196 $ 332,260 $ 253,812 $ 234,812 $ 147,132
Fixed charges 83,578 84,191 87,852 89,614 83,024
Capitalized interest (4,636) (5,864) (2,342) (2,077) (2,092)
Preferred dividend requirements(3) (10,809) (10,992) (12,133) (12,377) (12,645)
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$ 329,329 $ 399,595 $ 327,189 $ 309,972 $ 215,419
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Ratio 3.9 x 4.7 x 3.7 x 3.5 x 2.6 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 Taxes and Accounting Change