Ryder System (R) S-3ASR Automatic shelf registration

Exhibit 12.1

Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)

	Years Ended
	2006			2005			2004			2003			2002
EARNINGS:
Earnings before income taxes		392,973			357,088			331,122			212,475			175,883
Fixed charges		201,561			178,710			157,563			183,805			220,837
Add: Amortization of capitalized interest		423			433			523			569			650
Less: Interest capitalized		245			313			672			560			544
Earnings available for fixed charges (A)		594,712			535,918			488,536			396,289			396,826
FIXED CHARGES:
Interest and other financial charges		140,806			120,786			100,786			96,728			92,262
Costs associated with sale of receivables		0			38			488			443			2,119
Portion of rents representing interest expense		60,755			57,886			56,289			86,634			126,456
Total fixed charges (B)		201,561			178,710			157,563			183,805			220,837
RATIO OF EARNINGS TO FIXED CHARGES (A)/(B)		2.95	x		3.00	x		3.10	x		2.16	x		1.80	x