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EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF DOLLARS EXCEPT RATIOS)
UNAUDITED
Three Months Ended
March 31,
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2001 2000
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Income (loss) before income taxes $ (5,805) $ 93,286
Interest expense 104,619 92,792
Portion of rent estimated to represent the
interest factor 26,867 23,241
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Earnings before income taxes and fixed charges $125,681 $209,319
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Interest expense (including capitalized interest) $104,951 $ 93,505
Portion of rent estimated to represent the
interest factor 26,867 23,241
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Fixed charges $131,818 $116,746
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Ratio of earnings to fixed charges .95(a) 1.79
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(a) Results for the three months ended March 31, 2001 were insufficient to
cover fixed charges. The coverage deficiency was approximately $6.1
million.