Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - UNITED RENTALS, INC. | uri-6302015x10q.htm |
| EX-2.A - FIRST AMENDMENT TO NATIONAL PUMP ASSET PURCHASE AGREEMENT - UNITED RENTALS, INC. | uri-6302015xex2a.htm |
| EX-32.B - SECTION 1350 CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-6302015xex32b.htm |
| EX-32.A - SECTION 1350 CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-6302015xex32a.htm |
| EX-31.B - RULE 13A-14(A) CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-6302015xex31b.htm |
| EX-31.A - RULE 13A-14(A) CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-6302015xex31a.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Year Ended December 31, | Six Months Ended June 30, | ||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||
Earnings: | |||||||||||||||||||
(Loss) income from continuing operations before (benefit) provision for income taxes | $ | (63 | ) | $ | 164 | $ | 88 | $ | 605 | $ | 850 | $ | 331 | ||||||
Add: | |||||||||||||||||||
Fixed charges, net of capitalized interest | 279 | 271 | 504 | 521 | 520 | 254 | |||||||||||||
Total earnings available for fixed charges | 216 | 435 | 592 | 1,126 | 1,370 | 585 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||
Interest expense, net | 255 | 228 | 512 | 475 | 555 | 353 | |||||||||||||
Add back interest income, which is netted in interest expense | 1 | 1 | 2 | 1 | 2 | 1 | |||||||||||||
Add back gains (losses) on bond repurchases/retirement of subordinated convertible debentures, included in interest expense | (28 | ) | (5 | ) | (72 | ) | (3 | ) | (80 | ) | (123 | ) | |||||||
Interest expense—subordinated convertible debentures, net | 8 | 7 | 4 | 3 | — | — | |||||||||||||
Capitalized interest | — | — | — | — | — | — | |||||||||||||
Interest component of rent expense | 43 | 40 | 58 | 45 | 43 | 23 | |||||||||||||
Fixed charges | $ | 279 | $ | 271 | $ | 504 | $ | 521 | $ | 520 | $ | 254 | |||||||
Ratio of earnings to fixed charges | — (2) | 1.6x | 1.2x | 2.2x | 2.6x | 2.3x | |||||||||||||
_________________
(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) | The ratio coverage was less than 1:1 for the year ended December 31, 2010 due to our loss for the year. We would have had to have generated additional earnings of $63 for the year ended December 31, 2010 to have achieved a coverage ratio of 1:1. |