Hertz 2015 Annual Report Download - page 220

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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,
2015
2014
2013
2012
2011
Income (loss) before income taxes 341
(23)
603
365
255
Interest expense 624
667
717
649
699
Portion of rent estimated to represent the interest factor 204
219
215
151
146
Earnings before income taxes and fixed charges $ 1,169
$ 863
$ 1,535
$ 1,165
$ 1,100
Interest expense (including capitalized interest) $ 626
$ 670
$ 721
$ 653
$ 701
Portion of rent estimated to represent the interest factor 204
219
215
151
146
Fixed charges $ 830
$ 889
$ 936
$ 804
$ 847
Ratio of earnings to fixed charges 1.4
(a)
1.6
1.4
1.3
(a) 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.
 ℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.