Hertz 2009 Annual Report Download - page 217
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Exhibit 12
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (UNAUDITED)
(In Millions of Dollars Except Ratios)
Successor Predecessor
For the Periods From
December 21, January 1,
2005 to 2005 to
Years ended December 31, December 31, December 20,
2009 2008 2007 2006 2005 2005
Income (loss) before income taxes and
noncontrolling interest ........... $(171.0) $(1,382.8) $ 386.8 $ 200.6 $(33.2) $ 574.9
Interest expense ................ 680.3 870.0 916.7 943.3 26.9 510.3
Portion of rent estimated to represent
the interest factor .............. 149.9 155.7 165.1 147.8 4.1 131.4
Earnings (loss) before income taxes,
noncontrolling interest and fixed
charges ..................... $659.2 $ (357.1) $1,468.6 $1,291.7 $ (2.2) $1,216.6
Interest expense (including capitalized
interest) .................... $681.5 $ 872.8 $ 921.6 $ 949.4 $ 26.9 $ 513.3
Portion of rent estimated to represent
the interest factor .............. 149.9 155.7 165.1 147.8 4.1 131.4
Fixed charges .................. $831.4 $ 1,028.5 $1,086.7 $1,097.2 $ 31.0 $ 644.7
Ratio of earnings to fixed charges .... (a) (a) 1.4 1.2 (a) 1.9
(a) Earnings (loss) before income taxes, noncontrolling interest and fixed charges for the years ended
December 31, 2009 and December 31, 2008 and the Successor period ended December 31, 2005 were
inadequate to cover fixed charges for the period by $172.2 million, $1,385.6 million and $33.2 million,
respectively.