Exhibit 99(b)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Six Months Ended
June 30,
2000 1999
Combined Fixed Charges and Preferred
Stock Dividends:
Interest Expense $ 14,281 $ 14,478
Capitalized Interest 2,767 2,508
Dividend Requirement on Series B
Preferred Stock [1] 5,433 5,556
Dividend Requirement on Preferred Securities
of Subsidiary Trust 3,126 3,126
Interest Component of
Rental Expense [2] 27,179 25,406
$ 52,786 $ 51,074
Earnings:
Income before Taxes $ 148,379 $ 161,204
Fixed Charges and Preferred Stock Dividends 52,786 51,074
Capitalized Interest (2,767) (2,508)
Preferred Dividend Requirements [3] (5,433) (5,556)
$ 192,965 $ 204,214
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends: 3.7 x 4.0 x
[1] Dividends on shares of the Series B cumulative convertible preferred
stock are used to pay debt service on notes issued by the Company's
Thrift and Stock Plan.
[2] Estimate of the interest portion of lease payments.
[3] Preferred stock dividend requirements included in fixed charges but not
deducted in the determination of Income before Taxes.
