EXHIBIT 12.1 NATIONAL EQUIPMENT SERVICES, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in thousands of dollars, except ratios) For the Period Pro Forma From Inception Combined (June 4, 1996) For the Year For the Year Through Ended Ended December 31, 1996 December 31, 1997 December 31, 1997 ----------------- ----------------- ----------------- Pre-tax income (loss) $(332) $1,923 $22,248 Fixed charges: Interest expense on all indebtedness 0 4,545 15,541 Rental expense representative of an interest factor 0 220 1,105 ----- ------ ------- Total fixed charges 0 4,765 16,646 ----- ------ ------- Earnings before income taxes and fixed charges $(332) $6,688 $38,894 ===== ====== ======= Ratio of earnings to fixed charges (A) 1.40 2.34 ===== ====== ======= (A) The company's operations during the period from inception (June 4, 1996) through December 31, 1996 were limited to organizational and start-up activities while no revenues were generated; accordingly, presentation of this rate is not considered meaningful.