Attached files
Exhibit 12
CON-WAY INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
(Dollars in thousands)
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings: |
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Income (Loss) from continuing operations before |
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income tax provision |
$ | (90,269 | ) | $ | 134,917 | $ | 242,646 | $ | 392,309 | $ | 352,356 | |||||||||
Add (deduct): |
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Loss (Income) from equity investment (1) |
| | 2,699 | (52,599 | ) | (16,061 | ) | |||||||||||||
Interest expense, net of capitalized interest (2) |
64,440 | 62,936 | 42,805 | 34,791 | 38,465 | |||||||||||||||
Interest component of rental expense (3) |
7,305 | 12,012 | 8,711 | 7,384 | 7,733 | |||||||||||||||
Earnings (Loss) as adjusted |
$ | (18,524 | ) | $ | 209,865 | $ | 296,861 | $ | 381,885 | $ | 382,493 | |||||||||
Fixed Charges: |
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Interest expense, net of capitalized interest (2) |
$ | 64,440 | $ | 62,936 | $ | 42,805 | $ | 34,791 | $ | 38,465 | ||||||||||
Capitalized interest |
146 | 645 | 514 | 917 | 136 | |||||||||||||||
Dividend requirement on Series B Preferred Stock
(4) |
3,189 | 7,134 | 7,651 | 8,173 | 9,114 | |||||||||||||||
Interest component of rental expense (3) |
7,305 | 12,012 | 8,711 | 7,384 | 7,733 | |||||||||||||||
Fixed Charges |
$ | 75,080 | $ | 82,727 | $ | 59,681 | $ | 51,265 | $ | 55,448 | ||||||||||
Ratio of Earnings (Loss) to Fixed Charges |
(0.2 | )x | 2.5 | x | 5.0 | x | 7.4 | x | 6.9 | x |
(1) | The year ended December 31, 2006, includes a gain of $41.0 million for the sale of Menlo Worldwides membership interest in its equity investment. In 2007, operating income included a $2.7 million first-quarter loss for the write-off of a receivable related to such sale. | |
(2) | Includes amortization of debt issuance cots classified in miscellaneous, net for periods prior to 2007. | |
(3) | Estimate of the interest portion of lease payments. | |
(4) | Dividends on shares of the Series B cumulative convertible preferred stock are used to pay debt service on notes issued by Con-ways Retirement Savings Plan. |