AMERCO and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
|
| Six Months Ended |
| Fiscal Year Ended March 31, | ||||||||
|
| September 30, 2016 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
| (In thousands) |
| (In thousands) |
| (In thousands) |
| (In thousands) |
| (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings | $ | 512,122 |
| 768,911 |
| 561,418 |
| 537,522 |
| 408,487 |
| 325,636 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 55,510 |
| 98,291 |
| 95,234 |
| 89,712 |
| 86,978 |
| 86,164 |
Amortization of capitalized expenses related to debt |
| 1,647 |
| 3,235 |
| 3,495 |
| 3,551 |
| 4,133 |
| 4,428 |
An estimate of the interest component of rent expense |
| 6,799 |
| 16,593 |
| 26,599 |
| 33,489 |
| 39,149 |
| 43,738 |
Adjusted "earnings" | $ | 576,078 |
| 887,030 |
| 686,746 |
| 664,274 |
| 538,747 |
| 459,966 |
|
|
|
|
|
|
|
|
|
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|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense | $ | 55,510 |
| 98,291 |
| 95,234 |
| 89,712 |
| 86,978 |
| 86,164 |
Capitalized interest |
| 2,298 |
| 3,623 |
| 1,204 |
| 571 |
| 415 |
| 221 |
Amortization of capitalized expenses related to debt |
| 1,647 |
| 3,235 |
| 3,495 |
| 3,551 |
| 4,133 |
| 4,428 |
An estimate of the interest component of rent expense |
| 6,799 |
| 16,593 |
| 26,599 |
| 33,489 |
| 39,149 |
| 43,738 |
Total fixed charges | $ | 66,254 |
| 121,742 |
| 126,532 |
| 127,323 |
| 130,675 |
| 134,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 8.7 |
| 7.3 |
| 5.4 |
| 5.2 |
| 4.1 |
| 3.4 |
