Exhibit 12
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CONSOLIDATED FREIGHTWAYS, INC.
dba CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
1996 1995 1994 1993 1992
(dollars in thousands)
Fixed Charges:
Interest Expense $ 39,766 $ 33,407 $ 27,065 $ 29,890 $ 33,023
Capitalized Interest 2,092 731 793 531 4
Preferred Dividends 12,645 12,419 12,475 12,551 12,618
Total Interest 54,503 46,557 40,333 42,972 45,645
Interest Component of
Rental Expense 48,704 43,202 41,416 34,464 32,219
Fixed Charges 103,207 89,759 81,749 77,436 77,864
Less:
Capitalized Interest 2,092 731 793 531 4
Preferred Dividends 12,645 12,419 12,475 12,551 12,618
Net Fixed Charges $ 88,470 $ 76,609 $ 68,481 $ 64,354 $ 65,242
Earnings:
Income from continuing
operations before Taxes $ 147,132 $ 152,942 $ 165,129 $ 66,202 $ (26,783)
Add: Net Fixed
Charges 88,470 76,609 68,481 64,354 65,242
Total Earnings $ 235,602 $ 229,551 $ 233,610 $ 130,556 $ 38,459
Ratio of Earnings to
Fixed Charges:
Total Earnings $ 235,602 $ 229,551 $ 233,610 $ 130,556 $ 38,459
Fixed Charges (1) 103,207 89,759 81,749 77,436 77,864
Ratio 2.3 x 2.6 x 2.9 x 1.7 x 0.5 x(2)
<FN>
(1) Fixed Charges represent interest on capital leases and short-term and long-term debt, capitalized interest,
dividends on shares of the Series B Cumulative Convertible Preferred Stock used to pay debt service on notes
issued by the Company's Thrift and Stock Plan (the "TASP"), and the applicable portion of the consolidated rent
expense which approximates the interest portion of lease payments.
(2) Earnings were inadequate to cover fixed charges for the period shown; the deficiency was $39.4 million
for the year ended December 31, 1992.