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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2002 2001
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Loss before income taxes $ (59,240) $ (5,805)
Interest expense 86,586 104,619
Portion of rent estimated to represent the
interest factor 27,911 26,867
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Earnings before income taxes and fixed charges $ 55,257 $ 125,681
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Interest expense (including capitalized interest) $ 86,954 $ 104,951
Portion of rent estimated to represent the
interest factor 27,911 26,867
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Fixed charges $ 114,865 $ 131,818
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Ratio of earnings to fixed charges .48 (a) .95 (a)
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(a) Results for the three months ended March 31, 2002 and 2001 were
insufficient to cover fixed charges. The coverage deficiency was
approximately $59.6 million and $6.1 million for the three months ended
March 31, 2002 and 2001, respectively.