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EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIOS
NINE MONTHS
ENDED DECEMBER
YEAR END 31,
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1995 1994 1993 1992 1991 1995 1994
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Pretax earnings from operations......... 93.5 66.5 49.2 25.7 (3.5) 92.3 111.0
Plus: Interest expense.................. 67.8 68.9 68.0 76.2 80.8 52.7 50.9
Preferred stock dividends............. 13.0 4.8 -- -- -- 9.7 9.7
Amortization of debt expense and
discounts.......................... .8 1.1 1.6 1.5 .9 .5 .7
A portion of rental expense( 1/3)..... 22.2 28.1 39.7 41.3 38.4 17.2 16.2
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Subtotal(A)................... 197.3 169.4 158.5 144.7 116.6 172.4 188.5
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Divided by:
Fixed charges:
Interest expense...................... 67.8 68.9 68.0 76.2 80.8 52.7 50.9
Preferred stock dividends............. 13.0 4.8 -- -- -- 9.7 9.7
A portion of rental expense( 1/3)..... 22.2 28.1 39.7 41.3 38.4 17.2 16.2
Interest capitalized during the
period............................. 1.7 .6 .2 .2 .7 1.1 .7
Amortization of debt expense and
discounts.......................... .8 1.1 1.6 1.5 .9 .5 .7
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Subtotal(B)................... 105.5 103.5 109.5 119.2 120.8 81.2 78.2
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Ratio of earnings to fixed
charges(A)/(B).............. 1.87 1.64 1.45 1.21 --(1) 2.12 2.41
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The Company believes that one-third of the Company's annual rental expense is a
reasonable approximation of the interest factor of such rentals.
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(1) For the year ended March 31, 1991, pretax earnings were not sufficient to
cover fixed charges by an amount of $4.2 million.
(2) The ratio for the nine months ended December 31, 1995 may not be indicative
of the ratio to be expected for fiscal 1996 because, among other reasons,
the Company's U-Haul rental operations are seasonal, and proportionally more
of its earnings are generated in the first and second quarters of each
fiscal year.