EX-12 2 y97174exv12.htm EX-12: COMPUTATION OF RATIO OF EARNINGS EX-12: COMPUTATION OF RATIO OF EARNINGS
 

EXHIBIT 12

THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars Except Ratios)
Unaudited

                 
    Three Months Ended
    March 31,
    2004
   2003
Loss before income taxes
   $ (4,996 )   $ (56,836 )
Interest expense
     92,738       92,123  
Portion of rent estimated to represent the interest factor
     31,440       28,519  
 
    
 		      
 		  
Earnings before income taxes and fixed charges
   $ 119,182     $ 63,806  
 
    
 		      
 		  
Interest expense (including capitalized interest)
   $ 92,924     $ 92,257  
Portion of rent estimated to represent the interest factor
     31,440       28,519  
 
    
 		      
 		  
Fixed charges
   $ 124,364     $ 120,776  
 
    
 		      
 		  
Ratio of earnings to fixed charges (a)
     —       —  
 
    
 		      
 		  

(a)   Results for the three months ended March 31, 2004 and 2003 were insufficient to cover fixed charges. The coverage deficiency was approximately $5.2 million and $57.0 million for the three months ended March 31, 2004 and 2003, respectively.