EXHIBIT 12.1
Ryder System, Inc. and Subsidiaries | |||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
For the Three | For the Six | ||||||||||||||||||||
Years Ended | Months Ended | Months Ended | |||||||||||||||||||
2010 (1) | 2011 (1) | 2012 (1) | 2013 (1) | 2014 (1) | March 31, 2015 (1) | June 30, 2015 | |||||||||||||||
EARNINGS: | |||||||||||||||||||||
Earnings before income taxes | $ | 184,411 | 278,395 | 302,768 | 369,014 | 338,267 | 84,177 | 137,948 | |||||||||||||
Fixed charges | 177,904 | 177,981 | 183,902 | 181,460 | 187,291 | 47,029 | 96,893 | ||||||||||||||
Add: Amortization of capitalized interest | 742 | 722 | 713 | 589 | 535 | 140 | 234 | ||||||||||||||
Less: Interest capitalized | 195 | 17 | — | — | — | — | — | ||||||||||||||
Earnings available for fixed charges (A) | 363,252 | 457,115 | 487,383 | 551,063 | 526,093 | 131,346 | 235,075 | ||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||
Interest and other financial charges | $ | 131,396 | 132,584 | 143,590 | 140,729 | 144,960 | 36,848 | 75,970 | |||||||||||||
Portion of rents representing interest expense | 46,508 | 45,397 | 40,312 | 40,731 | 42,331 | 10,181 | 20,923 | ||||||||||||||
Total fixed charges (B) | 177,904 | 177,981 | 183,902 | 181,460 | 187,291 | 47,029 | 96,893 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B) | 2.04x | 2.57x | 2.65x | 3.04x | 2.81x | 2.79x | 2.43x | ||||||||||||||
(1) | Amounts revised for prior period adjustments related to accounting for sale-leaseback transactions. See Note (A), "General" to our Form 10-Q for additional information on the revision to financial information previously reported for the years ended December 31, 2012, 2013 and 2014 and the three months ended March 31, 2015. |