Attached files
| file | filename |
|---|---|
| EX-32.B - SECTION 1350 CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-9302014xex32b.htm |
| EX-32.A - SECTION 1350 CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-9302014xex32a.htm |
| EX-10.A - FORM OF INDEMNIFICATION AGREEMENT FOR EXECUTIVE OFFICERS AND DIRECTORS - UNITED RENTALS, INC. | uri-9302014xex10a.htm |
| EX-31.B - RULE 13A-14(A) CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-9302014xex31b.htm |
| EXCEL - IDEA: XBRL DOCUMENT - UNITED RENTALS, INC. | Financial_Report.xls |
| 10-Q - 10-Q - UNITED RENTALS, INC. | uri-9302014x10q.htm |
| EX-31.A - RULE 13A-14(A) CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-9302014xex31a.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Year Ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||
Earnings: | |||||||||||||||||||
(Loss) income from continuing operations before (benefit) provision for income taxes | $ | (107 | ) | $ | (63 | ) | $ | 164 | $ | 88 | $ | 605 | $ | 539 | |||||
Add: | |||||||||||||||||||
Fixed charges, net of capitalized interest | 288 | 279 | 271 | 504 | 521 | 389 | |||||||||||||
Total earnings available for fixed charges | 181 | 216 | 435 | 592 | 1,126 | 928 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||
Interest expense, net | 226 | 255 | 228 | 512 | 475 | 436 | |||||||||||||
Add back interest income, which is netted in interest expense | 1 | 1 | 1 | 2 | 1 | 1 | |||||||||||||
Add back gains (losses) on bond repurchases/retirement of subordinated convertible debentures, included in interest expense | 20 | (28 | ) | (5 | ) | (72 | ) | (3 | ) | (80 | ) | ||||||||
Interest expense—subordinated convertible debentures, net | (4 | ) | 8 | 7 | 4 | 3 | — | ||||||||||||
Capitalized interest | 1 | — | — | — | — | — | |||||||||||||
Interest component of rent expense | 45 | 43 | 40 | 58 | 45 | 32 | |||||||||||||
Fixed charges | $ | 289 | $ | 279 | $ | 271 | $ | 504 | $ | 521 | $ | 389 | |||||||
Ratio of earnings to fixed charges | — (2) | — (2) | 1.6x | 1.2x | 2.2x | 2.4x | |||||||||||||
_________________
(1) | Fixed charges consist of interest expense, which includes amortization of deferred finance charges, interest expense-subordinated debentures, capitalized interest and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases. |
(2) | Due to our losses for the years ended December 31, 2010 and 2009, the ratio coverage was less than 1:1 for these years. We would have had to have generated additional earnings of $63 and $108 for the years ended December 31, 2010 and 2009, respectively, to have achieved coverage ratios of 1:1. |