Exhibit 12
THE HERTZ CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Millions of Dollars Except Ratios)
|
| Six months |
| Years ended December 31, |
| ||||||||||||||
|
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| ||||||
Income (loss) before income taxes |
| $ | 311.7 |
| $ | 502.9 |
| $ | 373.9 |
| $ | 32.3 |
| $ | (150.1 | ) | $ | (1,416.6 | ) |
Interest expense |
| 333.5 |
| 597.8 |
| 650.3 |
| 726.5 |
| 653.7 |
| 870.5 |
| ||||||
Portion of rent estimated to represent the interest factor |
| 102.5 |
| 145.5 |
| 146.1 |
| 141.9 |
| 149.9 |
| 155.7 |
| ||||||
Earnings (loss) before income taxes and fixed charges |
| $ | 747.7 |
| $ | 1,246.2 |
| $ | 1,170.3 |
| $ | 900.7 |
| $ | 653.5 |
| $ | (390.4 | ) |
Interest expense (including capitalized interest) |
| $ | 335.7 |
| $ | 604.4 |
| $ | 652.4 |
| $ | 727.4 |
| $ | 654.9 |
| $ | 873.3 |
|
Portion of rent estimated to represent the interest factor |
| 102.5 |
| 145.5 |
| 146.1 |
| 141.9 |
| 149.9 |
| 155.7 |
| ||||||
Fixed charges |
| $ | 438.2 |
| $ | 749.9 |
| $ | 798.5 |
| $ | 869.3 |
| $ | 804.8 |
| $ | 1,029.0 |
|
Ratio of earnings to fixed charges |
| 1.7 |
| 1.7 |
| 1.5 |
| 1.0 |
| (a | ) | (a | ) | ||||||
(a) Earnings (loss) before income taxes and fixed charges for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges for the period by $151.3 million and $1,419.4 million, respectively.
