Exhibit 12.1
THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(in Thousands of Dollars Except Ratios)
| | Successor | | | Predecessor | | Successor | | | Predecessor | | Predecessor | |
| | Nine Months Ended
September 30, | | For the periods from | | Years Ended December 31, | |
| | 2006 | | | 2005 | | December 21, 2005 to
December 31, 2005 | | | January 1, 2005 to December 20, 2005 | | 2004 | | 2003 | | 2002 | | 2001 | |
| | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and minority interest | | $ | 181,782 | | | $ | 454,329 | | $ | (33,218 | ) | | $ | 574,906 | | $ | 502,552 | | $ | 237,492 | | $ | 216,394 | | $ | 2,723 | |
Interest expense | | 675,835 | | | 379,383 | | 26,812 | | | 510,403 | | 408,171 | | 372,924 | | 376,710 | | 413,711 | |
Portion of rent estimated to represent the interest factor | | 109,113 | | | 99,678 | | 4,084 | | | 131,449 | | 119,918 | | 118,813 | | 115,879 | | 116,393 | |
Earnings (loss) before income taxes, minority interest and fixed charges | | $ | 966,703 | | | $ | 933,390 | | $ | (2,322 | ) | | $ | 1,216,758 | | $ | 1,030,641 | | $ | 729,229 | | $ | 708,983 | | $ | 532,827 | |
Interest expense (including capitalized interest) | | $ | 681,091 | | | $ | 381,301 | | $ | 26,939 | | | $ | 513,275 | | $ | 409,046 | | $ | 373,522 | | $ | 377,852 | | $ | 415,198 | |
Portion of rent estimated to represent the interest factor | | 109,113 | | | 99,678 | | 4,084 | | | 131,449 | | 119,918 | | 118,813 | | 115,879 | | 116,393 | |
Fixed charges | | $ | 790,204 | | | $ | 480,979 | | $ | 31,023 | | | $ | 644,724 | | $ | 528,964 | | $ | 492,335 | | $ | 493,731 | | $ | 531,591 | |
Ratio of earnings to fixed charges | | 1.2 | | | 1.9 | | (a | ) | | 1.9 | | 1.9 | | 1.5 | | 1.4 | | 1.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Earnings (loss) before income taxes, minority interest and fixed charges for the period from December 21, 2005 to December 31, 2005 were inadequate to cover fixed charges by $33.3 million.
