EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(IN THOUSANDS OF DOLLARS EXCEPT RATIOS)
Years Ended December 31,
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2002 2001 2000 1999 1998
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Income before income taxes ............... $216,394 $ 2,723 $ 580,864 $ 560,393 $465,392
Interest expense ......................... 376,710 413,711 428,387 353,516 317,756
Portion of rent estimated to represent the
interest factor ........................ 115,879 116,393 104,886 90,463 78,435
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Earnings before income taxes and fixed
charges ................................ $708,983 $532,827 $1,114,137 $1,004,372 $861,583
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Interest expense (including capitalized
interest) .............................. $377,852 $415,198 $ 431,308 $ 355,309 $318,967
Portion of rent estimated to represent the
interest factor ........................ 115,879 116,393 104,886 90,463 78,435
-------- -------- ---------- ---------- --------
Fixed charges ............................ $493,731 $531,591 $ 536,194 $ 445,772 $397,402
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Ratio of earnings to fixed charges ....... 1.4 1.0 2.1 2.3 2.2
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