Exhibit 12.1
Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
| Years Ended | For the Nine Months Ended | |||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | September 30, 2012 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Earnings before income taxes | 402,204 | 409,288 | 143,769 | 186,305 | 279,387 | 221,277 | ||||||||||||||||||
Fixed charges | 222,017 | 220,187 | 204,465 | 181,860 | 183,948 | 141,590 | ||||||||||||||||||
Add: Amortization of capitalized interest | 457 | 471 | 620 | 742 | 722 | 550 | ||||||||||||||||||
Less: Interest capitalized | 286 | 1,048 | 1,361 | 195 | 17 | 12 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings available for fixed charges (A) | 624,393 | 628,898 | 347,493 | 368,712 | 464,041 | 363,406 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest and other financial charges | 160,359 | 158,244 | 147,801 | 130,654 | 133,496 | 105,577 | ||||||||||||||||||
Costs associated with sale of receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Portion of rents representing interest expense | 61,658 | 61,943 | 56,664 | 51,206 | 50,452 | 36,014 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges (B) | 222,017 | 220,187 | 204,465 | 181,860 | 183,948 | 141,590 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B) | 2.81 | 2.86 | 1.70 | 2.03 | 2.52 | 2.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
