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THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Millions of Dollars Except Ratios)
| Years ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||
Income (loss) before income taxes | $ | 373.9 | $ | 32.3 | $ | (150.1 | ) | $ | (1,416.6 | ) | $ | 384.5 | ||||
Interest expense | 650.3 | 726.5 | 653.7 | 870.5 | 917.0 | |||||||||||
Portion of rent estimated to represent the interest factor | 146.1 | 141.9 | 149.9 | 155.7 | 165.1 | |||||||||||
Earnings (loss) before income taxes and fixed charges | $ | 1,170.3 | $ | 900.7 | $ | 653.5 | $ | (390.4 | ) | $ | 1,466.6 | |||||
Interest expense (including capitalized interest) | $ | 652.4 | $ | 727.4 | $ | 654.9 | $ | 873.3 | $ | 921.9 | ||||||
Portion of rent estimated to represent the interest factor | 146.1 | 141.9 | 149.9 | 155.7 | 165.1 | |||||||||||
Fixed charges | $ | 798.5 | $ | 869.3 | $ | 804.8 | $ | 1,029.0 | $ | 1,087.0 | ||||||
Ratio of earnings to fixed charges | 1.5 | 1.0 | (a | ) | (a | ) | 1.3 | |||||||||
- (a)
- Earnings (loss) before income taxes and fixed charges for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges for the period by $151.3 million and $1,419.4 million, respectively.