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EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF DOLLARS EXCEPT RATIO)
(UNAUDITED)
YEAR ENDED
DECEMBER 31,
1994
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Income before income taxes.................................................... $162,831
Interest expense.............................................................. 284,438
Portion of rent estimated to represent the interest factor.................... 88,219
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Earnings before income taxes and fixed charges................................ $535,488
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Interest expense (including capitalized interest)............................. $284,855
Portion of rent estimated to represent the interest factor.................... 88,219
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Fixed charges................................................................. $373,074
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Ratio of earnings to fixed charges............................................ 1.4
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