EXHIBIT 12(D)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
------------------
THREE MONTHS
ENDED MARCH 31,
------------------
1997 1996
-------- --------
(dollars in
thousands)
Combined Fixed Charges and Preferred Stock Dividends:
Interest Expense $ 10,805 $ 9,664
Capitalized Interest 702 471
Preferred Dividends 3,087 3,160
-------- --------
Total Interest 14,594 13,295
Interest Component of Rental Expense 13,218 10,915
-------- --------
Combined Fixed Charges and Preferred Stock Dividends: 27,812 24,210
Less:
Capitalized Interest 702 471
Preferred Dividends 3,087 3,160
-------- --------
Net Fixed Charges $ 24,023 $ 20,579
======== ========
Earnings:
Income from Continuing Operations Before Income Taxes $ 40,172 $ 25,683
Add: Net Fixed Charges 24,023 20,579
-------- --------
Total Earnings Before Combined Fixed Charges and
Preferred Stock Dividends: $ 64,195 $ 46,262
======== ========
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends:
Total Earnings $ 64,195 $ 46,262
Combined Fixed Charges and Preferred Stock Dividends(1) 27,812 24,210
Ratio 2.3x 1.9x
- -------
(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.