EX-12 3 ex120301.txt RATIOS AMERCO and Consolidated Subsidiaries Exhibit 12. Statement Re: Computation of Ratios Year end ------------------------------------- 2001 2000 1999 1998 1997 ------------------------------------- Pretax earnings from operations $ 24.0 102.7 97.6 76.3 83.5 Plus: Interest expense 87.8 81.5 73.7 79.4 76.0 Preferred stock dividends 13.0 13.6 17.4 20.8 16.9 Amortization of debt expense and discounts 0.8 0.5 0.3 0.3 0.1 A portion of rental expense (1/3) 59.5 45.3 39.6 30.0 28.6 ------------------------------------- Subtotal (A) 185.1 243.6 228.6 206.8 205.1 ------------------------------------- Divided by: Fixed charges: Interest expense 87.8 81.5 73.7 79.4 76.0 Preferred stock dividends 13.0 13.6 17.4 20.8 16.9 A portion of rental expense (1/3) 59.5 45.3 39.6 30.0 28.6 Interest capitalized during the period 2.5 1.4 0.9 2.2 3.4 Amortization of debt expense and discounts 0.8 0.5 0.3 0.3 0.1 ------------------------------------- Subtotal (B) $ 163.6 142.3 131.9 132.7 125.0 ------------------------------------- Ratio of earnings to fixed charges (A)/(B) 1.13 1.71 1.73 1.56 1.64 ===================================== AMERCO believes that one-third of AMERCO's annual rental expense is a reasonable approximation of the interest factor of such rentals.