Exhibit 12 (a)

AIRBORNE, INC. AND SUBSIDIARIES

RATIO OF TOTAL LONG-TERM

OBLIGATIONS TO TOTAL CAPITALIZATION

	DECEMBER 31, 2002
	(in thousands)
LONG-TERM OBLIGATIONS:
Convertible Senior Notes	$	150,000
Senior Notes		100,000
Aircraft Loan		57,558
Capital Leases		52,913
Revenue Bonds		13,200
Other Debt		6,792
		380,463
Less Current Portion		10,372
Total Long-term Obligations	$	370,091
TOTAL CAPITALIZATION:
Long-term Debt	$	370,091
Deferred Income Taxes		146,321
Shareholders’ Equity, Net		839,163
Total Capitalization	$	1,355,575
PERCENTAGE RATIO OF TOTAL LONG-TERM OBLIGATIONS TO TOTAL CAPITALIZATION		27.3	%

RATIO OF TOTAL LONG-TERM

OBLIGATIONS TO TOTAL CAPITALIZATION,

INCLUDING ACCOUNTS RECEIVABLE SECURITIZATION BALANCES

	DECEMBER 31, 2002
	(in thousands)
LONG-TERM OBLIGATIONS:
Convertible Senior Notes	$	150,000
Senior Notes		100,000
Aircraft Loan		57,558
Capital Leases		52,913
Revenue Bonds		13,200
Other Debt		6,792
		380,463
Less Current Portion		10,372
Total Long-term Obligations		370,091
Advances Under A/R Securitization Facility		200,000
Total Long-term Obligations including A/R Securitization	$	570,091
TOTAL CAPITALIZATION:
Long-term Obligations	$	370,091
Advances Under A/R Securitization Facility		200,000
Deferred Income Taxes		146,321
Shareholders’ Equity, Net		839,163
Total Capitalization	$	1,555,575
PERCENTAGE RATIO OF TOTAL LONG-TERM OBLIGATIONS TO TOTAL CAPITALIZATION		36.6	%