U-Haul Holding (UHAL) 8-K Other Events

Ratio of Earnings to Fixed Charges                                                                                                                                                                            Exhibit 12.1

	Nine Months Ended
	December 31,						Fiscal Year Ended March 31,
	2010			2009			2010			2009			2008			2007			2006
Income before income taxes	$	272,019		$	112,896		$	100,190		$	22,578		$	102,302		$	145,823		$	200,273
Plus fixed charges:
Interest expense		62,637			67,457			88,758			94,255			93,642			73,045			59,630
Capitalized interest		349			459			609			693			996			596			151
Amortization of debt related expenses		3,200			3,678			5,198			4,908			5,287			3,960			3,871
Estimated interest component of rent expense		37,930			39,249			52,317			50,808			44,644			49,220			45,551
Fixed charges	$	104,116		$	110,843		$	146,882		$	150,664		$	144,569		$	126,821		$	109,203
Preferred dividends	$	14,910		$	15,435		$	19,791		$	21,825		$	19,564		$	20,875		$	21,428
Ratio of earnings to fixed charges (excluding preferred dividends)		3.6	x		2.0	x		1.7	x		1.1	x		1.7	x		2.1	x		2.8	x
Ratio of earnings to combined fixed charges and preferred dividends		3.2	x		1.8	x		1.5	x		1.0	x		1.5	x		1.8	x		2.4	x

 

For purposes of computing the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred dividends, “earnings” consists of pretax earnings from operations plus total fixed charges excluding interest capitalized during the period, and “fixed charges” consists of interest expense, capitalized interest, amortization of debt charges and discounts, and estimated annual interest component of rental expense. In addition, for the purposes of computing the ratio of earnings to combined fixed charges and preferred dividends, "preferred dividends" excludes those preferred dividends paid or payable by AMERCO to its consolidated insurance subsidiaries.