Laidlaw Transportation, Inc. and Subsidiaries - Page 47

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               LTI's long-term debt, equity, and debt to equity ratios for            
          years ending from August 1989 to August 1995 were as follows (in            
          thousands):                                                                 
                         Long-Term                     Debt to                        
                    Year      Debt         Equity     Equity Ratio                    
                    1989   $1,788,165   $385,956       4.63                           
                    1990    2,008,141   303,739        6.61                           
                    1991    1,989,926   475,642        4.18                           
                    1992    1,770,805   455,221        3.89                           
                    1993    1,741,133   317,935        5.48                           
                    1994    1,620,623   452,046        3.59                           
                    1995    2,249,500   412,500        5.45                           
               Financial ratios for Transit and Tree for the years in issue           
          were as follows:                                                            
                                            Transit                                   
                                  1985     1986        1987       1988                
               Tangible Net Worth (7,020)  (18,734)   (21,529)   (56,284)             
               (000 omitted)                                                          
               Quick Ratio           .13       .40        .77        .81              
               Current Ratio         .22       .57       1.13       1.11              
               Debt/Equity Ratio    9.94     10.52       9.43      15.44              
               Liabilities/Equity  11.17     11.71      10.66      16.87              
               Liab./Tang. N.W.      N/A       N/A        N/A        N/A              
                                           Tree                                       
                                  1985    1986       1987          1988               
          Tangible Net Worth        -     4,354     (11,666)    (5,711)               
               (000 omitted)                                                          
               Quick Ratio            -      1.40        1.16       1.47              
               Current Ratio          -      1.53        1.23       1.61              
               Debt/Equity Ratio      -       .87       95.86       3.09              
               Liabilities/Equity     -      1.54      109.84       3.43              
               Liab./Tang. N.W.       -      1.55         N/A        N/A              
               Petitioners' ratios for earnings before taxes (EBIT) to                
          interest and EBITDA minus CAPEX to interest for the years in                
          issue (unaudited for LII for the year ending August 1988) are as            
          follows:                                                                    




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