Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

Ryder System, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
Continuing Operations
(Dollars in Thousands)

	Six Months Ended June 30				Years Ended December 31
	2005		2004		2004		2003		2002		2001		2000
EARNINGS:
Earnings before income taxes	$	157,751		157,898		331,122		212,475		175,883		30,706		141,321
Fixed charges		87,714		78,441		156,891		183,246		220,293		287,472		319,831
Less: Interest capitalized		223		495		672		560		544		985		1,816
Earnings available for fixed charges (A)		245,242		235,844		487,341		395,161		395,632		317,193		459,336
FIXED CHARGES:
Interest and other financial charges		57,805		50,657		100,114		96,169		91,718		118,549		154,009
Costs associated with sale of receivables		0		271		488		443		2,119		8,906		16,892
Portion of rents representing interest expense		29,909		27,513		56,289		86,634		126,456		160,017		148,930
Total fixed charges (B)	$	87,714		78,441		156,891		183,246		220,293		287,472		319,831
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B)		2.80		3.01		3.11		2.16		1.80		1.10		1.44