Hertz 2011 Annual Report Download - page 198

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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)
Years ended December 31,
2011 2010 2009 2008 2007
Income (loss) before income taxes ......... $ 324.3 $ (14.6) $(176.9) $(1,416.1) $ 382.5
Interest expense ...................... 699.7 773.4 680.3 870.0 916.7
Portion of rent estimated to represent the
interest factor ....................... 146.1 141.9 149.9 155.7 165.1
Earnings (loss) before income taxes and fixed
charges ........................... $1,170.1 $900.7 $ 653.3 $ (390.4) $1,464.3
Interest expense (including capitalized interest) . $ 701.8 $774.3 $ 681.5 $ 872.8 $ 921.6
Portion of rent estimated to represent the
interest factor ....................... 146.1 141.9 149.9 155.7 165.1
Fixed charges ........................ $ 847.9 $916.2 $ 831.4 $ 1,028.5 $1,086.7
Ratio of earnings to fixed charges ......... 1.4 (a) (a) (a) 1.3
(a) Earnings (loss) before income taxes and fixed charges for the years ended December 31, 2010, 2009 and 2008 were
inadequate to cover fixed charges for the period by $15.5 million, $178.1 million and $1,418.9 million, respectively.