Hertz (HRZ) 10-K2006 FY Annual report

Filed: 30 Mar 07, 12:00am

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Readability	H.S. junior Avg

New words: ABG, Accretion, Alaska, alliance, analyst, anticompetitive, approach, Attorney, attrition, burdensome, captive, chain, charter, choose, commonly, comparison, component, compound, condensed, Crawford, criminal, curtail, declaratory, deficiency, delegate, deleted, Depot, derecognition, digit, divided, Dow, downsizing, drag, Dugan, dynamically, EDiCAR, entirety, experiential, extraordinarily, extraordinary, FAA, filer, forecasted, forfeited, forfeiture, fraudulent, fraudulently, French, friendly, Frissora, Fun, Galileo, GE, GELCO, Green, grew, Guerra, headcount, hundred, IATA, impede, Instruction, intrinsic, invalid, isolate, isolation, Janelle, Janet, Jose, Keith, Landscape, Las, LDW, leadership, learning, Lee, lien, likelihood, Lydia, Mark, Marlena, McCarran, McLeod, metric, mid, midpoint, Miguel, misleading, misrepresentation, misuse, multi, NES, NOL, nonresidential, optimize, passing, phantom, PR, preclude, prejudgment, prejudice, preserve, preserving, procedural, promptly, proportionately, propriety, proximity, proxy, pushed, quantifying, reassessed, recapitalization, recapture, reconciliation, reconsider, redundant, reject, rejection, relinquishment, resolved, restitution, retiree, Rican, rotational, seller, sentence, simplified, simultaneously, Sobel, speak, split, streamlining, subcommittee, sublimit, Sunbelt, surcharge, surpassed, tabular, taxable, technical, Tenzing, therefrom, thirteen, top, TSD, UCC, uncertainty, unconditional, undue, unhedged, unlawfully, unrelated, unusual, URI, weak, workforce, Worldspan, writedown, youngest

Removed: actuarially, agency, allegedly, appeal, Australian, automatic, battery, beneficiary, Boulevard, Brae, British, Cendant, Circuit, collateralized, computing, contesting, convert, Copco, earned, Eastern, Essex, evergreen, exempt, extension, FFS, Foti, Henderson, Hillsborough, invest, maximize, minimize, Mississippi, Moore, NASD, overcharged, overtime, pari, passu, president, protected, Pty, quotation, refund, relation, renegotiated, San, schedule, separately, Siracusa, solid, Station, Superior, Taxation, taxing, Thirteenth, tire, treatment, usage, violated, virtue, voting, waived

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Exhibit 12

THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Thousands of Dollars Except Ratios)

	Successor							Predecessor
				For the periods from
	Year ended December 31, 2006			December 21, 2005 to December 31, 2005				January 1, 2005 to December 20, 2005			Year ended December 31, 2004			Year ended December 31, 2003			Year ended December 31, 2002
Income (loss) before income taxes and minority interest		$	240,729		$	(33,218	)		$	574,906		$	502,552		$	237,492		$	216,394
Interest expense		902,974			26,812				510,403			408,171			372,924			376,710
Portion of rent estimated to represent the interest factor		147,800			4,084				131,449			119,918			118,813			115,879
Earnings (loss) before income taxes, minority interest and fixed charges		$	1,291,503		$	(2,322	)		$	1,216,758		$	1,030,641		$	729,229		$	708,983
Interest expense (including capitalized interest)		$	909,169		$	26,939			$	513,275		$	409,046		$	373,522		$	377,852
Portion of rent estimated to represent the interest factor		147,800			4,084				131,449			119,918			118,813			115,879
Fixed charges		$	1,056,969		$	31,023			$	644,724		$	528,964		$	492,335		$	493,731
Ratio of earnings to fixed charges		1.2			(a)				1.9			1.9			1.5			1.4

(a) Earnings (loss) before income taxes, minority interest and fixed charges for the period ended December 31, 2005 were inadequate to cover fixed charges by $33.3 million.