Exhibit 99(a)
CNF TRANSPORTATION INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Nine Months Ended
September 30,
2000 1999
Fixed Charges:
Interest Expense $ 22,817 $ 21,300
Capitalized Interest 3,573 3,887
Dividend Requirement on Series B
Preferred Stock [1] 8,121 8,275
Interest Component of
Rental Expense [2] 37,609 34,591
$ 72,120 $ 68,053
Earnings:
Income from Continuing Operations
before Taxes $ 195,680 $ 234,544
Fixed Charges 72,120 68,053
Capitalized Interest (3,573) (3,887)
Preferred Dividend Requirements [3] (8,121) (8,275)
$ 256,106 $ 290,435
Ratio of Earnings to Fixed Charges: 3.6 x 4.3 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.
