EX-12.1 25 a2215752zex-12_1.htm EX-12.1

Exhibit 12.1

 

THE HERTZ CORPORATION

 

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS

TO FIXED CHARGES (UNAUDITED)

(In Millions of Dollars Except Ratios)

 

 

 

Three
months
ended
March 31,

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

Income (loss) before income taxes

 

$

86.0

 

$

502.9

 

$

373.9

 

$

32.3

 

$

(150.1

)

$

(1,416.6

)

Interest expense

 

163.2

 

597.8

 

650.3

 

726.5

 

653.7

 

870.5

 

Portion of rent estimated to represent the interest factor

 

49.4

 

146.1

 

146.1

 

141.9

 

149.9

 

155.7

 

Earnings (loss) before income taxes and fixed charges

 

$

298.6

 

$

1,246.8

 

$

1,170.3

 

$

900.7

 

$

653.5

 

$

(390.4

)

Interest expense (including capitalized interest)

 

$

164.4

 

$

604.4

 

$

652.4

 

$

727.4

 

$

654.9

 

$

873.3

 

Portion of rent estimated to represent the interest factor

 

49.4

 

146.1

 

146.1

 

141.9

 

149.9

 

155.7

 

Fixed charges

 

$

213.8

 

$

750.5

 

$

798.5

 

$

869.3

 

$

804.8

 

$

1,029.0

 

Ratio of earnings to fixed charges

 

1.4

 

1.7

 

1.5

 

1.0

 

(a

)

(a

)

 

(a)                                 Earnings (loss) before income taxes and fixed charges for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges for the period by $151.3 million and $1,419.4 million, respectively.