EX-12 12 a2191034zex-12.htm EXHIBIT 12
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Exhibit 12


HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Thousands of Dollars Except Ratios)

 
   Successor    
   Predecessor  
 
    
    
    
    
    
    
    
  
 
    
    
    
   For the periods from    
  
 
    
    
    
   Year ended
December 31, 		 
 
   Years ended December 31,   December 21,
2005 to
December 31,
2005 		   
   January 1,
2005 to
December 20,
2005 		 
 
   2008   2007   2006    
   2004  

Income (loss) before income taxes and minority interest

   $ (1,382,807 ) $ 386,820   $ 200,651   $ (33,218 )     $ 574,906   $ 502,552  

Interest expense

     869,950     916,725     943,210     26,812         510,403     408,171  

Portion of rent estimated to represent the interest factor

     155,722     165,109     147,800     4,084         131,449     119,918  
                               

Earnings (loss) before income taxes, minority interest and fixed charges(b)

   $ (357,135 ) $ 1,468,654   $ 1,291,661   $ (2,322 )     $ 1,216,758   $ 1,030,641  
                               

Interest expense (including capitalized interest)

   $ 872,795   $ 921,634   $ 949,405   $ 26,939       $ 513,275   $ 409,046  

Portion of rent estimated to represent the interest factor

     155,722     165,109     147,800     4,084         131,449     119,918  
                               

Fixed charges

   $ 1,028,517   $ 1,086,743   $ 1,097,205   $ 31,023       $ 644,724   $ 528,964  
                               

Ratio of earnings to fixed charges(b)

     (a )   1.4     1.2     (a )       1.9     1.9  
                               
(a)
Earnings (loss) before income taxes, minority interest and fixed charges for the year ended December 31, 2008 and the Successor period ended December 31, 2005 were inadequate to cover fixed charges for the period by $1,385.7 million and $33.3 million, respectively.

(b)
We adopted the provisions of Financial Accounting Standards Board Interpretation No. 48, or "FIN 48," "Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109" on January 1, 2007. Accrued interest expense, for the year ended December 31, 2008 and 2007, of approximately $0.6 million and $3.4 million, respectively, is excluded from both fixed charges and earnings.



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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) (In Thousands of Dollars Except Ratios)