Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Three months
Ended
March 31,
 
Year Ended December 31, 
 
2012  
 
2011  
2010  
2009  
2008  
2007  
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
1,481

 
$
5,776

$
5,290

$
3,073

$
1,252

$
611

Add: Interest expense
94

 
348

354

445

442

246

Add: Interest factor in rental expense
51

 
210

205

207

278

296

Total earnings
$
1,626

 
$
6,334

$
5,849

$
3,725

$
1,972

$
1,153

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
94

 
$
348

$
354

$
445

$
442

$
246

Interest capitalized
4

 
17

18

37

48

67

Interest factor in rental expense
51

 
210

205

207

278

296

Total fixed charges
$
149

 
$
575

$
577

$
689

$
768

$
609

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
10.9
 
11.0

10.1

5.4

2.6

1.9