RYDER SYSTEM INC - FORM 10-Q - EX-12.1 - EXHIBIT - August 7, 2015

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10-Q - 10-Q - RYDER SYSTEM INCryder2ndquarter201510-q.htm


EXHIBIT 12.1
Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
For the Three
 
For the Six
 
Years Ended
 
Months Ended
 
Months Ended
 
2010 (1)
 
2011 (1)
 
2012 (1)
 
2013 (1)
 
2014 (1)
 
March 31, 2015 (1)
 
June 30, 2015
EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
184,411

 
278,395

 
302,768

 
369,014

 
338,267

 
84,177

 
137,948

Fixed charges
177,904

 
177,981

 
183,902

 
181,460

 
187,291

 
47,029

 
96,893

Add: Amortization of capitalized interest
742

 
722

 
713

 
589

 
535

 
140

 
234

Less: Interest capitalized
195

 
17

 
—

 
—

 
—

 
—

 
—

Earnings available for fixed charges (A)
363,252

 
457,115

 
487,383

 
551,063

 
526,093

 
131,346

 
235,075

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other financial charges
$
131,396

 
132,584

 
143,590

 
140,729

 
144,960

 
36,848

 
75,970

Portion of rents representing interest expense
46,508

 
45,397

 
40,312

 
40,731

 
42,331

 
10,181

 
20,923

Total fixed charges (B)
177,904

 
177,981

 
183,902

 
181,460

 
187,291

 
47,029

 
96,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B)
2.04x
 
2.57x
 
2.65x
 
3.04x
 
2.81x
 
2.79x
 
2.43x
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
Amounts revised for prior period adjustments related to accounting for sale-leaseback transactions. See Note (A), "General" to our Form 10-Q for additional information on the revision to financial information previously reported for the years ended December 31, 2012, 2013 and 2014 and the three months ended March 31, 2015.


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