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EXHIBIT 12.1
USFREIGHTWAYS CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES(1)
(DOLLARS IN THOUSANDS)
1994 1995 1996 1997 1998
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Earnings before taxes(2) 59,238 58,488 58,979 97,495 121,494
Plus interest expense 9,081 8,884 12,144 8,461 8,784
Less capitalized interest 0 0 0 0 0
Less undistributed income 0 0 0 0 0
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Adjusted earnings income before taxes 68,319 67,372 71,123 105,956 130,278
Fixed charges:
Interest expense 9,081 8,884 12,144 8,461 8,784
Capitalized interest expense 0 0 0 0 0
Rental expense 6,900 6,601 6,799 7,288 7,532
Total fixed charges 15,981 15,485 18,943 15,749 16,316
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Ratio of earnings to fixed charges 4.3 4.4 3.8 6.7 8.0
(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.