<TABLE>
<CAPTION>
Ugly Duckling Corporation
Ratio of Earnings to Fixed Charges
(dollar amounts in thousands) 1999 1998 1997 1996 1995
--------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Fixed Charges:
Interest Expense 17,625 3,021 706 2,429 5,328
Capitalized Interest 0 135 229 0 54
Interest Factor in Rent Expense (a) 4,290 3,768 1,358 790 784
Preferred dividends 1,527
--------- ---------- ---------- --------- ---------
21,915 6,924 2,293 4,746 6,166
--------- ---------- ---------- --------- ---------
Earnings:
Earnings (Loss) from continuing operations 14,687 5,806 6,901 6,777 (3,972)
Fixed Charges 21,915 6,924 4,361 3,219 6,166
Interest Capitalized 0 (135) (229) 0 (54)
Preferred dividends (1,527)
--------- ---------- ---------- --------- ---------
36,602 12,595 11,033 8,469 2,140
========= ========== ========== ========= =========
Ratio of earnings to fixed charges 1.67 1.82 4.81 1.78 (b)
========= ========== ========== ========= =========
</TABLE>
For the purposes of these computations, "earnings" are defined as the sum of
pretax income from continuing operations plus fixed charges of the Company and
its subsidiaries, adjusted to exclude the amount of any interest capitalized
during the period and dividends paid on preferred stock; "fixed charges" consist
of interest on debt, amortization of debt discount, premium, and expense, and
the portion of rents which is representative of the interest.
---------------------------------------------------
(a) One-third of rent expense is deemed to be representative of the interest
factor.
(b) Earnings did not cover fixed charges by $4.0 million in the year ended
December 31, 1995.
