AMERCO and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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Six Months Ended |
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Fiscal Year Ended March 31, |
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September 30, 2016 |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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(Unaudited) |
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(In thousands) |
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(In thousands) |
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(In thousands) |
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(In thousands) |
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(In thousands) |
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(In thousands) |
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Earnings |
$ |
512,122 |
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768,911 |
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561,418 |
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537,522 |
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408,487 |
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325,636 |
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Plus: |
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Interest expense |
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55,510 |
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98,291 |
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95,234 |
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89,712 |
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86,978 |
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86,164 |
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Amortization of capitalized expenses related to debt |
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1,647 |
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3,235 |
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3,495 |
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3,551 |
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4,133 |
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4,428 |
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An estimate of the interest component of rent expense |
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6,799 |
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16,593 |
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26,599 |
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33,489 |
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39,149 |
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43,738 |
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Adjusted "earnings" |
$ |
576,078 |
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887,030 |
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686,746 |
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664,274 |
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538,747 |
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459,966 |
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Fixed charges: |
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Interest expense |
$ |
55,510 |
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98,291 |
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95,234 |
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89,712 |
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86,978 |
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86,164 |
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Capitalized interest |
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2,298 |
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3,623 |
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1,204 |
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571 |
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415 |
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221 |
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Amortization of capitalized expenses related to debt |
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1,647 |
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3,235 |
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3,495 |
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3,551 |
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4,133 |
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4,428 |
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An estimate of the interest component of rent expense |
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6,799 |
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16,593 |
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26,599 |
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33,489 |
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39,149 |
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43,738 |
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Total fixed charges |
$ |
66,254 |
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121,742 |
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126,532 |
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127,323 |
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130,675 |
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134,551 |
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Ratio of earnings to fixed charges |
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8.7 |
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7.3 |
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5.4 |
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5.2 |
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4.1 |
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3.4 |