Exhibit 12

United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 
 
 
2012
2011
2010
2009
2008
Earnings:
 
 
 
 
 
 
Income before income taxes
 
$
974

$
5,776

$
5,290

$
3,073

$
1,252

Add: Interest expense
 
393

348

354

445

442

Add: Interest factor in rental expense
 
206

210

205

207

278

Total earnings
 
$
1,573

$
6,334

$
5,849

$
3,725

$
1,972

 
 
 

 

 

 

 

Fixed charges:
 
 

 

 

 

 

Interest expense
 
$
393

$
348

$
354

$
445

$
442

Interest capitalized
 
18

17

18

37

48

Interest factor in rental expense
 
206

210

205

207

278

Total fixed charges
 
$
617

$
575

$
577

$
689

$
768

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.5

11.0

10.1

5.4

2.6