Hertz (HRZ) 10-K2003 FY Annual report

Filed: 15 Mar 04, 12:00am

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Exhibit 12

THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Thousands of Dollars Except Ratios)


	Years Ended December 31,
	2003		2002		2001		2000		1999
Income before income taxes	$	237,492	$	216,394	$	2,723	$	580,864	$	560,393
Interest expense		372,924		376,710		413,711		428,387		353,516
Portion of rent estimated to represent the interest factor		118,813		115,879		116,393		104,886		90,463

Earnings before income taxes and fixed charges	$	729,229	$	708,983	$	532,827	$	1,114,137	$	1,004,372

Interest expense (including capitalized interest)	$	373,522	$	377,852	$	415,198	$	431,308	$	355,309
Portion of rent estimated to represent the interest factor		118,813		115,879		116,393		104,886		90,463

Fixed charges	$	492,335	$	493,731	$	531,591	$	536,194	$	445,772

Ratio of earnings to fixed charges		1.5		1.4		1.0		2.1		2.3