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EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars Except Ratios)
Unaudited
Three Months Ended | ||||||||
March 31, | ||||||||
2004 | 2003 | |||||||
Loss before income taxes | $ | (4,996 | ) | $ | (56,836 | ) | ||
Interest expense | 92,738 | 92,123 | ||||||
Portion of rent estimated to represent the interest factor | 31,440 | 28,519 | ||||||
Earnings before income taxes and fixed charges | $ | 119,182 | $ | 63,806 | ||||
Interest expense (including capitalized interest) | $ | 92,924 | $ | 92,257 | ||||
Portion of rent estimated to represent the interest factor | 31,440 | 28,519 | ||||||
Fixed charges | $ | 124,364 | $ | 120,776 | ||||
Ratio of earnings to fixed charges (a) | — | — | ||||||
(a) | Results for the three months ended March 31, 2004 and 2003 were insufficient to cover fixed charges. The coverage deficiency was approximately $5.2 million and $57.0 million for the three months ended March 31, 2004 and 2003, respectively. |