EX-12 2 ryderex12201510-k.htm EXHIBIT 12 Exhibit


EXHIBIT 12
Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended
 
2011
 
2012
 
2013
 
2014
 
2015
EARNINGS:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
278,395

 
302,768

 
369,014

 
338,267

 
469,215

Fixed charges
177,981

 
183,902

 
181,460

 
187,291

 
194,573

Add: Amortization of capitalized interest
722

 
713

 
589

 
535

 
571

Less: Interest capitalized
17

 
—

 
—

 
—

 
—

Earnings available for fixed charges (A)
457,115

 
487,383

 
551,063

 
526,093

 
664,359

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest and other financial charges
132,584

 
143,590

 
140,729

 
144,960

 
150,721

Portion of rents representing interest expense
45,397

 
40,312

 
40,731

 
42,331

 
43,852

Total fixed charges (B)
177,981

 
183,902

 
188,144

 
187,291

 
194,573

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B)
2.57x
 
2.65x
 
3.04x
 
2.81x
 
3.41x