EX-12 5 ryderex12201710-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
 
2013
 
2014
 
2015
 
2016
 
2017
EARNINGS:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
369,014

 
338,267

 
469,215

 
406,381

 
313,786

Fixed charges
181,460

 
187,291

 
194,635

 
190,083

 
183,722

Add: Amortization of capitalized interest
589

 
535

 
571

 
599

 
1,489

Less: Interest capitalized
—

 
—

 
—

 
—

 
—

Earnings available for fixed charges (A)
551,063

 
526,093

 
664,421

 
597,063

 
498,997

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest and other financial charges
140,729

 
144,960

 
150,784

 
147,843

 
140,349

Portion of rents representing interest expense
40,731

 
42,331

 
43,852

 
42,240

 
43,373

Total fixed charges (B)
181,460

 
187,291

 
194,636

 
190,083

 
183,722

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B)
3.04x
 
2.81x
 
3.41x
 
3.14x
 
2.72x