EXHIBIT 12
EGL, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
($ IN MILLIONS)
YEAR ENDED DECEMBER 31,
-----------------------------------------------
2001 2000 1999 1998 1997
-----------------------------------------------
EARNINGS:
Pretax income (66,011) 12,441 84,020 65,441 67,769
Deduct:
Minority interest 1,161 1,654 920 928 1,286
Income from affiliates (3,145) 1,599 3,922 3,853 5,785
Add:
Fixed charges 33,269 20,095 13,825 10,571 9,946
Amortization of capitalized interest -- -- -- -- --
Distributed income of equity investees -- -- -- -- --
Share of pre-tax losses of equity investees for which
charges arising from guarantees are included in fixed charges -- -- -- -- --
Subtract:
Interest capitalized 854 -- -- -- --
Preference security dividend -- -- -- -- --
Minority interest in pretax income of subsidiaries that have
incurred fixed charges -- -- -- -- --
TOTAL EARNINGS (29,290) 32,591 94,843 73,087 73,216
FIXED CHARGES:
Interest costs expensed 10,543 7,005 3,193 1,953 2,922
Interest costs capitalized 854 -- -- -- --
Amortization of debt discount or premium 1,279 245 60 15 --
Rental expense 61,778 38,536 31,717 25,810 21,073
Portion of rental expense as can be demonstrated to be
representative of the interest factor 20,593 12,845 10,572 8,603 7,024
TOTAL FIXED CHARGES 33,269 20,095 13,825 10,571 9,946
RATIO -- 1.62 6.86 6.91 7.36
SHORT FALL FOR THE YEAR ENDED DECEMBER 31, 2001 62,559