Attached files
| file | filename |
|---|---|
| 10-K - 10-K - UNITED RENTALS, INC. | uri-2015123110k.htm |
| EX-21 - SUBSIDIARIES OF UNITED RENTALS, INC. - UNITED RENTALS, INC. | uri-2015123110kex21.htm |
| EX-23 - CONSENT OF ERNST & YOUNG LLP - UNITED RENTALS, INC. | uri-2015123110kex23.htm |
| EX-10.SS - JEFFREY FENTON EMPLOYMENT AGREEMENT - UNITED RENTALS, INC. | uri-2015123110kex10ss.htm |
| EX-10.TT - CRAIG PINTOFF EMPLOYMENT AGREEMENT - UNITED RENTALS, INC. | uri-2015123110kex10tt.htm |
| EX-32.A - SECTION 1350 CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-2015123110kex32a.htm |
| EX-31.B - RULE 13A-14(A) CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-2015123110kex31b.htm |
| EX-32.B - SECTION 1350 CERTIFICATION BY CHIEF FINANCIAL OFFICER - UNITED RENTALS, INC. | uri-2015123110kex32b.htm |
| EX-31.A - RULE 13A-14(A) CERTIFICATION BY CHIEF EXECUTIVE OFFICER - UNITED RENTALS, INC. | uri-2015123110kex31a.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Year Ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||
Earnings: | |||||||||||||||
Income before provision for income taxes | $ | 164 | $ | 88 | $ | 605 | $ | 850 | $ | 963 | |||||
Add: | |||||||||||||||
Fixed charges, net of capitalized interest | 271 | 504 | 521 | 520 | 492 | ||||||||||
Total earnings available for fixed charges | 435 | 592 | 1,126 | 1,370 | 1,455 | ||||||||||
Fixed charges (1): | |||||||||||||||
Interest expense, net | 228 | 512 | 475 | 555 | 567 | ||||||||||
Add back interest income, which is netted in interest expense | 1 | 2 | 1 | 2 | 2 | ||||||||||
Add back refinance charges/gains (losses) on bond repurchases/retirement of subordinated convertible debentures, included in interest expense | (5 | ) | (72 | ) | (3 | ) | (80 | ) | (123 | ) | |||||
Interest expense—subordinated convertible debentures | 7 | 4 | 3 | — | — | ||||||||||
Capitalized interest | — | — | — | — | — | ||||||||||
Interest component of rent expense | 40 | 58 | 45 | 43 | 46 | ||||||||||
Fixed charges | $ | 271 | $ | 504 | $ | 521 | $ | 520 | $ | 492 | |||||
Ratio of earnings to fixed charges | 1.6x | 1.2x | 2.2x | 2.6x | 3.0x | ||||||||||
_________________
(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. |