Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Nine months
Ended
September 30,
 
Year Ended December 31, 
 
2012
 
2011
2010
2009
2008
2007
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
3,859

 
$
5,776

$
5,290

$
3,073

$
1,252

$
611

Add: Interest expense
284

 
348

354

445

442

246

Add: Interest factor in rental expense
151

 
210

205

207

278

296

Total earnings
$
4,294

 
$
6,334

$
5,849

$
3,725

$
1,972

$
1,153

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
284

 
$
348

$
354

$
445

$
442

$
246

Interest capitalized
13

 
17

18

37

48

67

Interest factor in rental expense
151

 
210

205

207

278

296

Total fixed charges
$
448

 
$
575

$
577

$
689

$
768

$
609

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.6
 
11.0

10.1

5.4

2.6

1.9