Exhibit 12.1
USFREIGHTWAYS CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollars in Thousands)
Years Ended December 31,
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1995 1996 1997 1998 1999
------- ------- -------- ------- -------
Earnings before taxes/(2)/ 58,488 58,979 97,495 121,494 175,580
Plus interest expense 8,884 12,144 8,461 8,784 14,003
Plus rental expense 6,601 6,798 7,287 7,531 9,888
Less capitalized interest 0 0 0 0 0
Less undistributed income 0 0 0 0 0
------- ------- -------- ------- -------
Adjusted earnings income
before taxes 73,973 77,921 113,243 137,809 199,471
Fixed charges:
Interest expense 8,884 12,144 8,461 8,784 14,003
Capitalized interest expense 0 0 0 0 0
Rental expense 6,601 6,798 7,287 7,531 9,888
Total fixed charges 15,485 18,942 15,748 16,315 23,891
--------- ------- -------- ------- -------
Ratio of earnings to
fixed charges 4.8 4.1 7 8.4 8.3
(1) For the purpose of calculating the ratio, earnings have been calculated by
adding fixed charges to income before income taxes, and by deducting therefrom
interest capitalized during the period and USFreightways Corporation's share of
the undistributed income in less-than-fifty-percent-owned affiliates; and fixed
charges comprise total interest, including capitalized interest, and the portion
of rental expense representative of the interest factor.
(2) Before a one-time restructuring of $4,050 in 1996.
(3) Rental expense is one-third of total expense or the proportion deemed
representative of the interest factor.