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Table of Contents





Board any transaction with a related party, even if the transaction arises in the ordinary course of business, if the terms of the transaction would

be less favorable to the Company than those to which it would agree to in normal commercial circumstances.



Basic earnings per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings per share

has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common

stock equivalents, except when the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share:





 

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









Basic and diluted earnings per share:



Numerator:



Net income (loss), basic $ (82)



$ 302



$ 184

Interest on Convertible Senior Notes, net of tax —



—

Net income (loss), diluted $ (82)



$ 310



$ 184

Denominator:



Basic weighted average common shares 454



422



420

Stock options, RSUs and PSUs —



Issuance of common stock upon conversion of Convertible Senior Notes —



Weighted average shares used to calculate diluted earnings per share 454



464



448

Antidilutive stock options, RSUs, PSUs and conversion shares 11



—



—

Earnings per share:



Basic $ (0.18)



$ 0.72



$ 0.44

Diluted $ (0.18)



$ 0.67



$ 0.41





In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises including existing fleets and contract

and concession rights for $87 million. The acquisition was part of a strategic decision to increase the number of Hertz-owned locations and

capitalize on certain benefits of ownership not available under a franchise agreement.



: In February 2015, the RCFC U.S. Fleet Medium Term Notes were paid in full as scheduled in accordance

with their terms.

  :In April 2015, HVF II issued the Series 2015-1 Rental Car Asset-Backed Notes, Class A, Class B, and

Class C, or the “HVF II Series 2015-1 Notes”, collectively, in an aggregate principal amount of $780 million. The expected maturity of the HVF II

Series 2015-1 Notes is March 2020. The HVF II Series 2015-1 Notes are comprised of $622 million aggregate principal amount of 2.73% Rental

Car Asset-Backed Notes, Class A, $119 million aggregate principal amount of 3.52% Rental Car Asset-Backed Notes, Class B, and $39 million

aggregate principal amount of 4.35% Rental Car Asset-Backed Notes, Class C. The net proceeds from the sale of the HVF II Series 2015-1 Notes

were used (i) to repay a portion of the outstanding principal amount of HVF II's Series 2013-A

167

Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠

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