EXHIBIT 12a
UNITED RENTALS (NORTH AMERICA), INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31
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1994 1995 1996 1997 1998
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(dollars in thousands)
Earnings:
Income before
provision for income
taxes and extraordinary
items.................... $26,025 $33,781 $38,146 $34,917 $ 86,906
Interest expense.......... 6,245 7,490 11,278 11,847 64,157
Amortization of debt
issuance costs........... 27 78 124 1,423
Interest portion of
rent expense (1)......... 1,239 1,358 1,514 2,305 6,834
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Earnings as
adjusted............... $33,509 $42,656 $51,016 $49,193 $159,320
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Fixed charges:
Interest expense.......... $ 6,245 $ 7,490 $11,278 $11,847 $ 64,157
Amortization of debt
issuance costs........... 27 78 124 1,423
Interest portion of
rent expense (1)......... 1,239 1,358 1,514 2,305 6,834
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Fixed charges........... $ 7,484 $ 8,875 $12,870 $14,276 $ 72,414
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Ratio of earnings to
fixed charges.............. 4.5x 4.8x 4.0x 3.4x 2.2x
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(1) The interest portion of rent expense is estimated to be one-third of rent
expense.