EX-12 2 ryderex12201410-k.htm EXHIBIT Ryder Ex 12 2014 10-K


EXHIBIT 12
Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended
 
2010
 
2011
 
2012
 
2013
 
2014
EARNINGS:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
186,305

 
279,387

 
303,117

 
368,895

 
338,549

Fixed charges
181,860

 
183,948

 
189,412

 
188,144

 
191,271

Add: Amortization of capitalized interest
742

 
722

 
713

 
589

 
535

Less: Interest capitalized
195

 
17

 
—

 
—

 
—

Earnings available for fixed charges (A)
$
368,712

 
464,041

 
493,242

 
557,628

 
530,355

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest and other financial charges
$
130,654

 
133,496

 
140,841

 
137,461

 
142,295

Costs associated with sale of receivables
—

 
—

 
—

 
—

 
—

Portion of rents representing interest expense
51,206

 
50,452

 
48,571

 
50,683

 
48,976

Total fixed charges (B)
$
181,860

 
183,948

 
189,412

 
188,144

 
142,295

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B)
2.03x
 
2.52x
 
2.60x
 
2.96x
 
2.77x