1 EXHIBIT 12 AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES RATIO OF SENIOR LONG-TERM DEBT AND TOTAL LONG-TERM DEBT TO TOTAL CAPITALIZATION December 31, 1993 (Dollars in thousands) SENIOR LONG-TERM DEBT: Revolving Credit Agreement $105,000 Money Market Lines of Credit -- Notes Payable 34,000 Senior Notes 100000 Refunding Revenue Bonds 13,200 Notes Payable to Vendors 12,468 Capital Lease Obligations and Other Debts 6,862 -------- 271,530 Less Current Portion 2,280 -------- Senior Long-Term Debt $269,250 ======== TOTAL LONG-TERM DEBT: Senior Long-Term Debt $269,250 Senior Subordinated Notes, net of current portion 7,150 Convertible Subordinated Debentures 115,000 -------- Total Long-Term Debt $391,400 ======== TOTAL CAPITALIZATION: Long-Term Debt $391,400 Deferred Income Taxes 28,262 Redeemable Preferred Stock 40,000 Shareholders Equity, Net 318,824 -------- Total Capitalization $778,486 ======== RATIO OF SENIOR LONG-TERM DEBT TO TOTAL CAPITALIZATION 34.6% ======== RATIO OF TOTAL LONG-TERM DEBT TO TOTAL CAPITALIZATION 50.3% ========