AIRBORNE, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
(Dollars in thousands)
ACTUALS FOR THE YEAR ENDED DECEMBER 31,
1997 1998 1999 2000 2001
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EARNINGS:
Earnings (loss) before taxes $197,465 $221,585 $147,388 $23,226 ($28,904)
Fixed charges 41,819 31,069 31,682 40,670 43,331
Less: Capitalized interest expenses (1,869) (5,850) (3,969) (6,770) (2,377)
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Total earnings $237,415 $246,804 $175,101 $57,126 $12,050
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CALCULATION OF FIXED CHARGES:
Net interest expense $ 27,790 $ 12,882 $ 17,262 $23,425 $19,868
Add: Capitalized interest expenses 1,869 5,850 3,969 6,770 2,377
Add: Interest income 105 169 232 371 1,696
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Gross interest expense 29,764 18,901 21,463 30,566 23,941
DISCOUNTS ON SALES OF RECEIVABLES - - - 96 9,293
AMORTIZATION OF DEBT EXPENSE 520 383 377 452 800
RENTAL EXPENSE:
Total 115,350 117,862 98,416 95,559 92,969
Factor 10% 10% 10% 10% 10%
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Net "interest" component 11,535 11,786 9,842 9,556 9,297
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TOTAL FIXED CHARGES $ 41,819 $ 31,069 $ 31,682 $40,670 $43,331
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RATIO OF EARNINGS TO FIXED CHARGES 5.68 7.94 5.53 1.40 -
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FOR THE FOR THE
QUARTER ENDED QUARTER ENDED
MARCH 31, 2002 MARCH 31, 2001
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EARNINGS:
Earnings (loss) before taxes $ 8,913 ($26,267)
Fixed charges 11,668 2,885
Less: Capitalized interest expenses 0 (1,058)
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Total earnings (loss) $ 20,581 ($24,440)
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CALCULATION OF FIXED CHARGES:
Net interest expense $ 6,871 ($4,497)
Add: Capitalized interest expenses 0 1,058
Add: Interest income 808 112
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Gross interest expense 7,679 (3,327)
DISCOUNTS ON SALES OF RECEIVABLES 1,305 3,758
AMORTIZATION OF DEBT EXPENSE 283 140
RENTAL EXPENSE:
Total 24,011 23,134
Factor 10% 10%
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Net "interest" component 2,401 2,313
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TOTAL FIXED CHARGES $ 11,668 $ 2,885
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RATIO OF EARNINGS TO FIXED CHARGES 1.76 ---
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