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 |
| For the periods from |
| Years Ended December 31, |
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|
| 2006 |
|
| 2005 |
| December 21, 2005 to |
|
| January 1, 2005 to December 20, 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
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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 |
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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 |
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Interest expense (including capitalized interest) |
| $ | 681,091 |
|
| $ | 381,301 |
| $ | 26,939 |
|
| $ | 513,275 |
| $ | 409,046 |
| $ | 373,522 |
| $ | 377,852 |
| $ | 415,198 |
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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 |
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Ratio of earnings to fixed charges |
| 1.2 |
|
| 1.9 |
| (a | ) |
| 1.9 |
| 1.9 |
| 1.5 |
| 1.4 |
| 1.0 |
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(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.