Exhibit 12
United Parcel
Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
|
|
|
Three
Months Ended |
|
||||
|
(in millions) |
|
2004 |
|
2003 |
|
||
|
Earnings: |
|
|
|
|
|
||
|
Earnings before income taxes and accounting changes |
|
$ |
1,195 |
|
$ |
882 |
|
|
Add: Interest expense |
|
39 |
|
25 |
|
||
|
Add: One-third of rental expense (a) |
|
59 |
|
56 |
|
||
|
Total earnings |
|
$ |
1,293 |
|
$ |
963 |
|
|
|
|
|
|
|
|
||
|
Fixed Charges: |
|
|
|
|
|
||
|
Interest expense |
|
$ |
39 |
|
$ |
25 |
|
|
Interest capitalized |
|
6 |
|
7 |
|
||
|
One-third of rental expense (a) |
|
59 |
|
56 |
|
||
|
Total fixed charges |
|
$ |
104 |
|
$ |
88 |
|
|
|
|
|
|
|
|
||
|
Ratio of Earnings to Fixed Charges |
|
12.4 |
|
10.9 |
|
||
(a) Considered to be representative of interest factor in rental expense.