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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
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2004 | 2003 | |||||||
| Income before income taxes | $ | 141,720 | $ | 2,788 | ||||
| Interest expense | 191,716 | 187,132 | ||||||
| Portion of rent estimated to represent the interest factor | 63,282 | 58,547 | ||||||
| Earnings before income taxes and fixed charges | $ | 396,718 | $ | 248,467 | ||||
| Interest expense (including capitalized interest) | $ | 192,079 | $ | 187,407 | ||||
| Portion of rent estimated to represent the interest factor | 63,282 | 58,547 | ||||||
| Fixed charges | $ | 255,361 | $ | 245,954 | ||||
| Ratio of earnings to fixed charges | 1.6 | 1.0 | ||||||