EXHIBIT 12
UNITED RENTAL (NORTH AMERICA), INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Historical Pro Forma
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Year Nine Months
Nine Months Ended Ended Ended
Year Ended December 31, September 30, December 31, September 30,
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1993 1994 1995 1996 1997 1997 1998 1997 1998
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(dollars in thousands)
Earnings:
Income before
provision for income
taxes and extraordinary
items................ $15,190 $26,025 $33,781 $38,146 $34,917 $17,225 $44,732 $34,917 $44,732
Interest expense...... 3,906 6,245 7,490 11,278 11,847 6,316 39,170 18,597 44,233
Amortization of debt
issuance cost........ 27 78 124 67 684 124 684
Interest portion of
rent expense(1)...... 1,164 1,239 1,358 1,514 2,305 1,480 6,540 2,305 6,540
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Earnings as
adjusted........... $20,260 $33,509 $42,656 $51,016 $49,193 $25,088 $91,126 $55,943 $96,189
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Fixed charges:
Interest expense...... $ 3,906 $ 6,245 $ 7,490 $11,278 $11,847 $ 6,316 $39,170 $18,597 $44,233
Amortization of debt
issuance cost........ 27 78 124 67 684 124 684
Interest portion of
rent expense(1)...... 1,164 1,239 1,358 1,514 2,305 1,480 6,540 2,305 6,540
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Fixed charges....... $ 5,070 $ 7,484 $ 8,875 $12,870 $14,276 $ 7,863 $46,394 $21,026 $51,457
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Ratio of earnings to
fixed charges.......... 4.0x 4.5x 4.8x 4.0x 3.4x 3.2x 2.0x 2.7x 1.9x
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(1) The interest portion of rent expense is estimated to be one-third of rent
expense.