Exhibit 12.1
THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Millions of Dollars Except Ratios)
Years ended December 31, | |||||||||||||||||||
2013 | 2012(a) | 2011(a) | 2010(a) | 2009(a) | |||||||||||||||
Income (loss) before income taxes | $ | 739.2 | $ | 493.6 | $ | 355.2 | $ | 25.3 | $ | (150.1 | ) | ||||||||
Interest expense | 678.9 | 597.8 | 650.3 | 726.5 | 653.7 | ||||||||||||||
Portion of rent estimated to represent the interest factor | 214.8 | 151.1 | 146.2 | 157.4 | 143.4 | ||||||||||||||
Earnings before income taxes and fixed charges | $ | 1,632.9 | $ | 1,242.5 | $ | 1,151.7 | $ | 909.2 | $ | 647.0 | |||||||||
Interest expense (including capitalized interest) | $ | 688.6 | $ | 601.4 | $ | 652.4 | $ | 727.4 | $ | 654.9 | |||||||||
Portion of rent estimated to represent the interest factor | 214.8 | 151.1 | 146.2 | 157.4 | 143.4 | ||||||||||||||
Fixed charges | $ | 903.4 | $ | 752.5 | $ | 798.6 | $ | 884.8 | $ | 798.3 | |||||||||
Ratio of earnings to fixed charges | 1.8 | 1.7 | 1.4 | 1.0 | (b) |
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(a) | Prior period amounts have been revised, for a description of the revisions to prior periods, see Note 2 to the Notes to our audited annual consolidated financial statements included in this Annual Report under the caption "Item 8 - Financial Statements and Supplementary Data." |
(b) | Earnings before income taxes and fixed charges for the years ended December 31, 2009 were inadequate to cover fixed charges for the period by $151.3 million. |