Exhibit 99(a)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Six Months Ended
June 30,
2000 1999
Fixed Charges:
Interest Expense $ 14,281 $ 14,478
Capitalized Interest 2,767 2,508
Dividend Requirement on Series B
Preferred Stock [1] 5,433 5,556
Interest Component of
Rental Expense [2] 27,179 25,406
$ 49,660 $ 47,948
Earnings:
Income before Taxes $ 148,379 $ 161,204
Fixed Charges 49,660 47,948
Capitalized Interest (2,767) (2,508)
Preferred Dividend Requirements [3] (5,433) (5,556)
$ 189,839 $ 201,088
Ratio of Earnings to Fixed Charges: 3.8 x 4.2 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.