EX-12 2 exhibit12.htm HGH EXHIBIT 12 Exhibit 12


Exhibit 12
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Millions of Dollars Except Ratios)
 
Years ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Income (loss) before income taxes
$
450.5

 
$
324.3

 
$
(14.6
)
 
$
(176.9
)
 
$
(1,416.1
)
Interest expense
649.9

 
699.7

 
773.4

 
680.3

 
870

Portion of rent estimated to represent the interest factor
145.2

 
146.1

 
141.9

 
149.9

 
155.7

Earnings (loss) before income taxes and fixed charges
$
1,245.6

 
$
1,170.1

 
$
900.7

 
$
653.3

 
$
(390.4
)
Interest expense (including capitalized interest)
$
653.5

 
$
701.8

 
$
774.3

 
$
681.5

 
$
872.8

Portion of rent estimated to represent the interest factor
145.2

 
146.1

 
141.9

 
149.9

 
155.7

Fixed charges
$
798.7

 
$
847.9

 
$
916.2

 
$
831.4

 
$
1,028.5

Ratio of earnings to fixed charges
1.6

 
1.4

 
(a)

 
(a)

 
(a)

__________________________________
(a)
Earnings (loss) before income taxes and fixed charges for the years ended December 31, 2010, 2009 and 2008 were inadequate to cover fixed charges for the period by $15.5 million, $178.1 million and $1,418.9 million, respectively.