EXHIBIT 12(a)
United Rentals, Inc.
Statement of Computation of Ratios of Earnings to Fixed Charges
| Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Pre-tax income | $ | 78,297 | $ | 241,807 | $ | 301,496 | $ | 214,550 | $ | (101,384 | ) | $ | 163,014 | $ | 80,336 | |||||||||||||
Interest expense | 64,157 | 139,828 | 228,779 | 221,563 | 195,961 | 146,206 | 158,796 | |||||||||||||||||||||
Amortization of debt issue costs | 1,423 | 4,154 | 6,880 | 9,468 | 10,080 | 7,489 | 9,295 | |||||||||||||||||||||
Interest portion of rent expense | 6,834 | 21,833 | 67,836 | 83,609 | 92,614 | 44,903 | 67,888 | |||||||||||||||||||||
“Earnings” | $ | 150,711 | $ | 407,622 | $ | 604,991 | $ | 529,190 | $ | 197,271 | $ | 361,612 | $ | 316,315 | ||||||||||||||
Interest expense | $ | 64,157 | $ | 139,828 | $ | 228,779 | $ | 221,563 | $ | 195,961 | $ | 146,206 | $ | 158,796 | ||||||||||||||
Amortization of debt issue costs | 1,423 | 4,154 | 6,880 | 9,468 | 10,080 | 7,489 | 9,295 | |||||||||||||||||||||
Interest portion of rent expense | 6,834 | 21,833 | 67,836 | 83,609 | 92,614 | 44,903 | 67,888 | |||||||||||||||||||||
“Fixed Charges” | $ | 72,414 | $ | 165,815 | $ | 303,495 | $ | 314,640 | $ | 298,655 | $ | 198,598 | $ | 235,979 | ||||||||||||||
Ratio | 2.1 | x | 2.5 | x | 2.0 | x | 1.7 | x | 0.7 | x | 1.8 | x | 1.3 | x | ||||||||||||||