EX-12 4 y68418exv12.htm EX-12 CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS EX-12
 

EXHIBIT 12

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

                 
    Nine Months Ended
    September 30,
    2004
   2003
Income before income taxes and minority interest
   $ 392,584     $ 190,371  
Interest expense
     300,829       280,377  
Portion of rent estimated to represent the interest factor
     97,896       91,641  
 
    
 		      
 		  
Earnings before income taxes, minority interest and fixed charges
   $ 791,309     $ 562,389  
 
    
 		      
 		  
Interest expense (including capitalized interest)
   $ 301,404     $ 280,802  
Portion of rent estimated to represent the interest factor
     97,896       91,641  
 
    
 		      
 		  
Fixed charges
   $ 399,300     $ 372,443  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     2.0       1.5