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     
|                                                                        |  |                   |