United Rentals North America 10-Q 2013 Q3 Quarterly report

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions, except ratios)

	Year Ended December 31,															Nine Months Ended September 30,
	2008			2009			2010			2011			2012			2013
Earnings:
(Loss) income from continuing operations before (benefit) provision for income taxes	$	(813	)	$	(107	)	$	(63	)	$	164		$	88		$	379
Add:
Fixed charges, net of capitalized interest	277			288			279			271			504			392
Total earnings available for fixed charges	(536		)	181			216			435			592			771
Fixed charges (1):
Interest expense, net	174			226			255			228			512			357
Add back interest income, which is netted in interest expense	6			1			1			1			2			1
Add back gains (losses) on bond repurchases/retirement of subordinated convertible debentures, included in interest expense	41			20			(28		)	(5		)	(72		)	(3		)
Interest expense—subordinated convertible debentures, net	9			(4		)	8			7			4			3
Capitalized interest	1			1			—			—			—			—
Interest component of rent expense	47			45			43			40			58			34
Fixed charges	$	278		$	289		$	279		$	271		$	504		$	392
Ratio of earnings to fixed charges	—(2)(3)			—  (2)			—  (2)			1.6x			1.2x			2.0x

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(1) Fixed charges consist of interest expense, which includes amortization of deferred finance charges, interest expense-subordinated debentures, capitalized interest and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases.

(2) Due to our losses for the years ended December 31, 2010, 2009 and 2008, the ratio coverage was less than 1:1 for these years. We would have had to have generated additional earnings of $63, $108 and $814 for the years ended December 31, 2010, 2009 and 2008, respectively, to have achieved coverage ratios of 1:1.

(3) The loss for the year ended December 31, 2008 includes the effect of an $1,147 pretax non-cash goodwill impairment charge. The effect of this charge was to reduce the ratio of earnings to fixed charges. Had this charge been excluded from the calculation, the ratio of earnings to fixed charges would have been 2.2x for the year ended December 31, 2008.