Exhibit 99(b)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Nine Months Ended
September 30,
2000 1999
Combined Fixed Charges and Preferred
Stock Dividends:
Interest Expense $ 22,817 $ 21,300
Capitalized Interest 3,573 3,887
Dividend Requirement on Series B
Preferred Stock [1] 8,121 8,275
Dividend Requirement on Preferred
Securities of Subsidiary Trust 4,689 4,689
Interest Component of
Rental Expense [2] 37,609 34,591
$ 76,809 $ 72,742
Earnings:
Income from Continuing Operations
before Taxes $ 195,680 $ 234,544
Fixed Charges 76,809 72,742
Capitalized Interest (3,573) (3,887)
Preferred Dividend Requirements [3] (8,121) (8,275)
$ 260,795 $ 295,124
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends: 3.4 x 4.1 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 from Continuing Operations
before Taxes.
