EX-12.1 10 a2015hgh10-kexhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES
(UNAUDITED)
(In millions, except ratios)
 
Years ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Income (loss) before income taxes
341

 
(23
)
 
603

 
365

 
255

Interest expense
624

 
667

 
717

 
649

 
699

Portion of rent estimated to represent the interest factor
204

 
219

 
215

 
151

 
146

Earnings before income taxes and fixed charges
$
1,169

 
$
863

 
$
1,535

 
$
1,165

 
$
1,100

 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
626

 
$
670

 
$
721

 
$
653

 
$
701

Portion of rent estimated to represent the interest factor
204

 
219

 
215

 
151

 
146

Fixed charges
$
830

 
$
889

 
$
936

 
$
804

 
$
847

Ratio of earnings to fixed charges
1.4

 
(a)

 
1.6

 
1.4

 
1.3


(a)
Earnings before income taxes and fixed charges for the year ended December 31, 2014 were inadequate to cover fixed charges for the period by $26 million.