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EXHIBIT 12
Ryder System, Inc. and Subsidiaries | |||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||
Continuing Operations | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Years Ended | |||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||
EARNINGS: | |||||||||||||||
Earnings before income taxes | $ | 186,305 | 279,387 | 303,117 | 368,895 | 338,549 | |||||||||
Fixed charges | 181,860 | 183,948 | 189,412 | 188,144 | 191,271 | ||||||||||
Add: Amortization of capitalized interest | 742 | 722 | 713 | 589 | 535 | ||||||||||
Less: Interest capitalized | 195 | 17 | — | — | — | ||||||||||
Earnings available for fixed charges (A) | $ | 368,712 | 464,041 | 493,242 | 557,628 | 530,355 | |||||||||
FIXED CHARGES: | |||||||||||||||
Interest and other financial charges | $ | 130,654 | 133,496 | 140,841 | 137,461 | 142,295 | |||||||||
Costs associated with sale of receivables | — | — | — | — | — | ||||||||||
Portion of rents representing interest expense | 51,206 | 50,452 | 48,571 | 50,683 | 48,976 | ||||||||||
Total fixed charges (B) | $ | 181,860 | 183,948 | 189,412 | 188,144 | 142,295 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B) | 2.03x | 2.52x | 2.60x | 2.96x | 2.77x | ||||||||||