Hertz 2014 Annual Report Download - page 374

Exhibit 12.1
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES
(UNAUDITED)
(In millions, except ratios)
Years ended December 31,
2014
2013(a)
2012(a)
2011(a)
Income (loss) before income taxes (23)
603
365
255
Interest expense 667
717
649
699
Portion of rent estimated to represent the interest factor 219
215
151
146
Earnings before income taxes and fixed charges $ 863
$ 1,535
$ 1,165
$ 1,100
Interest expense (including capitalized interest) $ 670
$ 721
$ 653
$ 701
Portion of rent estimated to represent the interest factor 219
215
151
146
Fixed charges $ 889
$ 936
$ 804
$ 847
Ratio of earnings to fixed charges (b)
1.6
1.4
1.3
(a) Prior period amounts have been revised, for a description of the revisions to prior periods, see Note 2, "Restatement" to the Notes to our
consolidated financial statements included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."
(b) Earnings before income taxes and fixed charges for the year ended December 31, 2014 were inadequate to cover fixed charges for the period
by $26 million.
Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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