AMERCO and Consolidated Subsidiaries
Exhibit 12. Statement Re: Computation of Ratios
Year end
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2000 1999 1998 1997 1996
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Pretax earnings from operations $ 102.7 97.6 76.3 83.5 96.2
Plus: Interest expense 81.5 73.7 79.4 76.0 67.6
Preferred stock dividends 13.6 17.4 20.8 16.9 13.0
Amortization of debt expense
and discounts 0.5 0.3 0.3 0.1 -
A portion of rental expense
(1/3) 45.3 39.6 30.0 28.6 23.0
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Subtotal (A) 243.6 228.6 206.8 205.1 199.8
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Divided by:
Fixed charges:
Interest expense 81.5 73.7 79.4 76.0 67.6
Preferred stock dividends 13.6 17.4 20.8 16.9 13.0
A portion of rental expense (1/3) 45.3 39.6 30.0 28.6 23.0
Interest capitalized during the
period 1.4 0.9 2.2 3.4 1.8
Amortization of debt expense
and discounts 0.5 0.3 0.3 0.1 -
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Subtotal (B) $ 142.3 131.9 132.7 125.0 105.4
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Ratio of earnings to fixed
charges (A)/(B) 1.71 1.73 1.56 1.64 1.90
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AMERCO believes that one-third of AMERCO's annual rental expense is a
reasonable approximation of the interest factor of such rentals.
