UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 3, 2011
 
AMERCO
(Exact name of registrant as specified in its charter)
 
Nevada
1-11255
88-0106815
  (State of other jurisdiction of incorporation)
  (Commission File Number)
(I.R.S. Employer Identification Number)
 
1325 Airmotive Way, Ste. 100
Reno, Nevada 89502-3239
(Address of principal executive offices including zip code)
 
(775) 688-6300
(Registrant's telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 

 

 

 

 

 
 

 

Item 8.01                    Other Events
 
This report on Form 8-K makes available information regarding the computation of the ratio of earnings to fixed charges for AMERCO and its subsidiaries for the nine-month periods ended December 31, 2010 and December 31, 2009, and the years ended March 31, 2010, 2009, 2008, 2007 and 2006.  The information contained in Exhibit 12.1 to this report on Form 8-K is incorporated herein by reference.
 
Item 9.01                  Financial Statements and Exhibits
 
Exhibit No.
 
Description
12.1
 
Statement Regarding Computation of Ratio of Earnings to Fixed Charges.


 
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
Date:  February 3, 2011
AMERCO
 
 
By:   /s/ Jason A. Berg                                                             
Jason A. Berg
Principal Financial Officer and
    Chief Accounting Officer










Ratio of Earnings to Fixed Charges                                                                                                                                                                                            Exhibit 12.1


 
   
Nine Months Ended
                               
   
December 31,
   
Fiscal Year Ended March 31,
 
   
2010
   
2009
   
2010
   
2009
   
2008
   
2007
   
2006
 
                                           
Income before income taxes
  $ 272,019     $ 112,896     $ 100,190     $ 22,578     $ 102,302     $ 145,823     $ 200,273  
                                                         
                                                         
Plus fixed charges:
                                                       
Interest expense
    62,637       67,457       88,758       94,255       93,642       73,045       59,630  
Capitalized interest
    349       459       609       693       996       596       151  
Amortization of debt related expenses
    3,200       3,678       5,198       4,908       5,287       3,960       3,871  
Estimated interest component of rent expense
    37,930       39,249       52,317       50,808       44,644       49,220       45,551  
Fixed charges
  $ 104,116     $ 110,843     $ 146,882     $ 150,664     $ 144,569     $ 126,821     $ 109,203  
                                                         
                                                         
Preferred dividends
  $ 14,910     $ 15,435     $ 19,791     $ 21,825     $ 19,564     $ 20,875     $ 21,428  
                                                         
                                                         
Ratio of earnings to fixed charges (excluding preferred dividends)
    3.6 x     2.0 x     1.7 x     1.1 x     1.7 x     2.1 x     2.8 x
                                                         
                                                         
Ratio of earnings to combined fixed charges and preferred dividends
    3.2 x     1.8 x     1.5 x     1.0 x     1.5 x     1.8 x     2.4 x

 
For purposes of computing the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred dividends, “earnings” consists of pretax earnings from operations plus total fixed charges excluding interest capitalized during the period, and “fixed charges” consists of interest expense, capitalized interest, amortization of debt charges and discounts, and estimated annual interest component of rental expense. In addition, for the purposes of computing the ratio of earnings to combined fixed charges and preferred dividends, "preferred dividends" excludes those preferred dividends paid or payable by AMERCO to its consolidated insurance subsidiaries.