TULSA, Okla., Nov. 1, 2012 /PRNewswire/ -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today reported results for the third quarter ended September 30, 2012. In conjunction with its earnings release, the Company announced that it would not be holding a conference call to review the results of the quarter in light of its pending merger with Hertz, and the related FTC approval efforts that are being directed by Hertz. Net income for the 2012 third quarter was $55.5 million, or $1.91 per diluted share, compared to net income of $66.6 million, or $2.13 per diluted share, for the third quarter of 2011. The Company also reported Corporate Adjusted EBITDA for the third quarter of 2012 of $98.2 million, compared to $117.6 million in the third quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20020412/DTGLOGO)

The Company noted that both its GAAP pretax income and Corporate Adjusted EBITDA for the third quarter of 2012 were negatively impacted by merger-related expenses of $5.7 million, while no such expenses were incurred during the third quarter of 2011. Additionally, the Company noted that gains on sales of risk vehicles totaled $5.2 million in the third quarter of 2012, down from $17.4 million in the third quarter of 2011.

"We are pleased to report another solid quarter that has added to a strong year-to-date performance. Excluding merger-related expenses, the Company has now generated $269 million in Corporate Adjusted EBITDA for the nine months ended September 30, 2012," said Scott L. Thompson, Chairman, President and Chief Executive Officer. "In spite of a lackluster economic environment and continued softness in pricing in the industry, the combination of increased rental demand, ongoing focus on operational efficiencies and disciplined fleet management allowed us to continue to deliver solid results," said Thompson.

For the quarter ended September 30, 2012, the Company's vehicle rental revenue was $442.3 million, compared to $435.6 million in the third quarter of 2011. Monthly revenue per unit was $1,235 in the third quarter of 2012 compared to $1,289 for the same period last year. The Company realized rental day growth of 7.1 percent, which was partially offset by a 5.1 percent decrease in revenue per day. Utilization in the third quarter of 2012 was 84.7 percent, compared to 83.9 percent in the third quarter of 2011. The average rental fleet operated during the quarter increased 6.0 percent compared with the prior year period.

Fleet cost per vehicle was $246 per month in the third quarter of 2012, compared to $186 per month in the third quarter of 2011. The increase in fleet cost per vehicle was partially attributable to a $12.2 million decrease in gains on sales of risk vehicles, combined with higher average base depreciation rates compared to the third quarter of 2011. The Company noted that gains on sales of risk vehicles totaled $5.2 million during the third quarter of 2012 compared to $17.4 million in the third quarter of 2011 on a comparable number of risk vehicle sales. The decline in gains on risk vehicle sales was attributable to a lower average gain per unit sold as a result of refinements to base depreciation rates to reduce gains and lower volatility in fleet costs. The increase in base depreciation rates in the third quarter of 2012 primarily resulted from the significant fleet refresh in the first half of 2012. In conjunction with the fleet replacement cycle, a large number of model year 2010 vehicles that were in the fleet during 2011, and had residual values in excess of book values, were replaced with newer vehicles.

Direct vehicle and operating expenses and selling, general and administrative expenses (operating expenses) totaled $270.2 million in the third quarter of 2012 compared to $262.4 million in the third quarter of 2011. This increase was primarily due to $5.7 million in merger-related expenses incurred in the third quarter of 2012, while no such expenses were incurred in the 2011 third quarter. Excluding these merger-related expenses, operating expenses totaled 57.4 percent of revenues for the third quarter of 2012, compared to 58.1 percent of revenues in the third quarter of 2011. Interest expense, net, declined to $12.2 million in the third quarter of 2012, down from $19.6 million in the third quarter of 2011. The decrease in interest expense primarily reflects the Company's refinancing of its legacy fleet financing facilities at lower interest rates in the second half of 2011.

Nine-Month Results

For the nine months ended September 30, 2012, net income was $145.3 million, or $4.94 per diluted share, compared to net income of $125.6 million, or $4.03 per diluted share, for the comparable period in 2011. The Company reported Corporate Adjusted EBITDA for the nine months ended September 30, 2012 of $263.3 million, compared to $235.1 million for the nine months ended September 30, 2011. The Company noted it incurred merger-related expenses of $5.7 million and $4.6 million for the nine months ended September 30, 2012 and 2011, respectively.

Additionally, the Company noted that gains on risk vehicle sales totaled $42.0 million for the nine months ended September 30, 2012, compared to $43.1 million for the nine months ended September 30, 2011.

Liquidity and Capital Resources

As of September 30, 2012, the Company had $457 million in cash and cash equivalents, and an additional $250 million in restricted cash and investments primarily available for the purchase of vehicles and/or repayment of vehicle financing obligations. The Company noted that as a result of its fleet refresh cycle and seasonal fleet investments, its investment in the fleet has increased approximately $410 million since December 31, 2011. Those investments were funded by a blend of unrestricted cash, restricted cash and vehicle debt. Non-vehicle capital expenditures for the nine months ended September 30, 2012 totaled approximately $14 million. Investments in fleet will decline significantly during the balance of the year which will result in an increase in cash and cash equivalents by year-end.

As of September 30, 2012, the Company had approximately $41 million of letters of credit outstanding and available capacity of approximately $409 million under its $450 million Revolving Credit Facility.

The Company's tangible net worth was $725 million as of September 30, 2012, and the Company had no corporate debt outstanding.

2012 Outlook Update

The Company noted that based on its year-to-date performance through September 30, 2012 and its outlook for the fourth quarter, it is revising guidance for the full year of 2012 for Corporate Adjusted EBITDA and earnings per share, both excluding merger-related expenses. The Company further noted that its previously announced guidance for rental revenue and fleet cost expectations for the full year of 2012 remain unchanged.

The Company revised its guidance for Corporate Adjusted EBITDA, excluding merger-related expenses, for the full year of 2012 to a range of $300 million to $310 million, up from its prior guidance of $285 million to $310 million. Additionally, the Company revised its estimate for diluted earnings per share, excluding merger-related expenses, to a range of $5.50 to $5.75 per share for 2012, up from its previously announced range of $5.25 to $5.70 per share.

About Dollar Thrifty Automotive Group, Inc.

Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has been serving value-conscious leisure and business travelers since 1950. The Company maintains a strong presence in domestic leisure travel in virtually all of the top U.S. and Canadian airport markets, and also derives a significant portion of its revenue from international travelers to the U.S. under contracts with various international tour operators. Dollar and Thrifty have approximately 280 corporate locations in the United States and Canada, with approximately 5,900 employees located mainly in North America. In addition to its corporate operations, the Company maintains global service capabilities through an expansive franchise network of approximately 1,300 franchise locations in 82 countries. For additional information, visit www.dtag.com or the brand sites at www.dollar.com and www.thrifty.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" about our expectations, plans and performance. These statements use such words as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan" and similar expressions. These statements do not guarantee future performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Risks and uncertainties relating to our business that could materially affect our future results include:


    --  the impact of our pending acquisition by Hertz Global Holdings, Inc.
        ("Hertz") and related developments, including the potential for
        diversion of management's attention, loss of key personnel and
        disruption of our operations, as well as the possibility that regulatory
        approval and, if required by applicable law, approval by the Company's
        stockholders may not be obtained as planned, which could delay or
        prevent the acquisition;
    --  the risks to our business and prospects as a stand-alone company, in
        light of our dependence on future economic growth to achieve revenue
        growth in key airport and local markets, high barriers to entry in the
        insurance replacement market, capital and other constraints to expanding
        company-owned stores internationally, and the challenges we would face
        in further reducing our expenses;
    --  the impact of the continuing challenging global economic environment,
        the ongoing Eurozone sovereign debt issues and governmental actions to
        address budget deficits through austerity and other measures, which are
        fueling concerns about global economic prospects and could materially
        adversely affect unemployment rates and consumer discretionary spending,
        including for international inbound travel to the United States and for
        leisure travel more generally, on which we are substantially dependent;
    --  the continuing significant political unrest and other concerns involving
        certain oil-producing countries, which has contributed to price
        volatility for petroleum products, and in recent periods higher average
        gasoline prices, which could affect both broader economic conditions and
        consumer spending levels;
    --  the impact of pricing and other actions by competitors;
    --  our ability to manage our fleet mix to match demand and meet our target
        for vehicle depreciation costs, particularly in light of the significant
        level of risk vehicles (i.e., those vehicles not acquired through a
        guaranteed residual value program) in our fleet and our exposure to
        wholesale used vehicle prices;
    --  the cost and other terms of acquiring and disposing of automobiles and
        the impact of conditions in the used vehicle market on our vehicle cost,
        including the impact on vehicle depreciation costs based on pricing
        volatility in the used vehicle market;
    --  our ability to reduce our fleet capacity as and when projected by our
        plans;
    --  the continuing strength of the U.S. automotive industry on which we
        depend for vehicle supply;
    --  airline travel patterns, including disruptions or reductions in air
        travel resulting from capacity reductions, pricing actions, severe
        weather conditions, industry consolidation or other events, particularly
        given our dependence on leisure travel;
    --  access to reservation distribution channels, particularly as the role of
        the Internet and mobile applications increases in the marketing and sale
        of travel-related services;
    --  the effectiveness of actions we take to maintain a low cost structure
        and to manage liquidity;
    --  the impact of repurchases of our common stock pursuant to our share
        repurchase program;
    --  our ability to obtain cost-effective financing as needed without unduly
        restricting our operational flexibility;
    --  our ability to comply with financial covenants, and the impact of those
        covenants on our operating and financial flexibility;
    --  whether our preliminary expectations about our federal income tax
        position are affected by changes in our expected fleet size or
        operations or further legislative initiatives relating to taxes in the
        United States or elsewhere;
    --  our ability to continue to defer the reversal of prior period tax
        deferrals and the availability of accelerated depreciation payments in
        future periods, the lack of either of which could result in material
        cash federal income tax payments in future periods;
    --  the cost of regulatory compliance, costs and other effects of potential
        future initiatives, including those directed at climate change and its
        effects, and the costs and outcome of pending litigation;
    --  disruptions in the operation or development of information and
        communication systems that we rely on, including those relating to
        methods of payment;
    --  local market conditions where we and our franchisees do business,
        including whether franchisees will continue to have access to capital as
        needed; and
    --  the impact of other events that can disrupt consumer travel, such as
        natural and man-made catastrophes, pandemics, social unrest and actual
        and perceived threats or acts of terrorism.

Additional Information

On September 10, 2012, Hertz filed with the United States Securities and Exchange Commission (the "SEC") a tender offer statement on Schedule TO and Dollar Thrifty filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 ("Schedule 14D-9") regarding the tender offer described herein. Investors and security holders of Dollar Thrifty are strongly advised to read the tender offer statement (as updated and amended) filed by Hertz and the Schedule 14D-9 (as updated and amended) filed by Dollar Thrifty with the SEC, because each contains important information that Dollar Thrifty's stockholders should consider before tendering their shares. The tender offer statement and other documents filed by Hertz with the SEC are available for free at the SEC's web site (http://www.sec.gov). Copies of Hertz's filings with the SEC may be obtained at the SEC's web site (http://www.sec.gov) or by directing a request to Hertz at (201) 307-2100. Copies of Dollar Thrifty's filings with the SEC are available free of charge on Dollar Thrifty's website at www.dtag.com or by contacting Dollar Thrifty's Investor Relations Department at 918-669-2236.

Forward-looking statements should be considered in light of information in this press release and other filings we make with the SEC.

                                                                                                                                             Table 1
                                                                                                                                             -------

                                                                  Dollar Thrifty Automotive Group, Inc.
                                                                    Consolidated Statement of Income
                                                                    --------------------------------

                                                             (In thousands, except share and per share data)
                                                                                Unaudited

                                                                           Three months ended                   As % of
                                                                             September 30,                   Total revenues
                                                                                                2012                            2011   2012           2011
                                                                                                ----                            ----   ----           ----
    Revenues:
                             Vehicle rentals                                                $442,336                        $435,578   96.0%          96.4%
                             Other                                                            18,254                          16,144    4.0%           3.6%

                                  Total revenues                                             460,590                         451,722  100.0%         100.0%


    Costs and Expenses:
                             Direct vehicle and operating                                    215,790                         214,536   46.9%          47.5%
                              Vehicle depreciation and lease
                              charges, net                                                    89,131                          63,299   19.4%          14.0%
                              Selling, general and
                              administrative                                                  54,454                          47,851   11.8%          10.6%
                             Interest expense, net                                            12,206                          19,627    2.6%           4.4%

                                  Total costs and expenses                                   371,581                         345,313   80.7%          76.5%


    (Increase) decrease in fair value of
     derivatives                                                                                  40                             523    0.0%           0.1%
                                                                                                 ---                             ---    ---            ---

    Income before income taxes                                                                88,969                         105,886   19.3%          23.4%

    Income tax expense                                                                        33,469                          39,265    7.3%           8.7%

    Net income                                                                               $55,500                         $66,621   12.0%          14.7%
                                                                                             =======                         =======   ====           ====

    Earnings per share:
                             Basic                                                             $1.99                           $2.30
                             Diluted                                                           $1.91                           $2.13

    Weighted average number
     of shares outstanding:
                             Basic                                                        27,905,118                      28,958,718
                             Diluted                                                      29,085,630                      31,304,829


                                                                           Nine months ended                    As % of
                                                                             September 30,                   Total revenues
                                                                                                2012                            2011   2012           2011
                                                                                                ----                            ----   ----           ----
    Revenues:
                             Vehicle rentals                                              $1,160,322                      $1,146,041   95.7%          95.9%
                             Other                                                            51,928                          49,157    4.3%           4.1%

                                  Total revenues                                           1,212,250                       1,195,198  100.0%         100.0%


    Costs and Expenses:
                             Direct vehicle and operating                                    596,463                         583,799   49.2%          48.8%
                              Vehicle depreciation and lease
                              charges, net                                                   188,368                         203,983   15.5%          17.1%
                              Selling, general and
                              administrative                                                 147,479                         145,641   12.2%          12.2%
                             Interest expense, net                                            44,601                          58,899    3.7%           4.9%

                                  Total costs and expenses                                   976,911                         992,322   80.6%          83.0%


    (Increase) decrease in fair value of
     derivatives                                                                                 525                          (3,367)   0.0%         (0.3%)
                                                                                                 ---                          ------    ---          -----

    Income before income taxes                                                               234,814                         206,243   19.4%          17.3%

    Income tax expense                                                                        89,516                          80,594    7.4%           6.8%

    Net income                                                                              $145,298                        $125,649   12.0%          10.5%
                                                                                            ========                        ========   ====           ====

    Earnings per share: (a)
                             Basic                                                             $5.15                           $4.35
                             Diluted                                                           $4.94                           $4.03

    Weighted average number
     of shares outstanding:
                             Basic                                                        28,217,067                      28,872,747
                             Diluted                                                      29,436,527                      31,216,741


    (a)  The underlying diluted
     per share information is
     calculated from the weighted
     average common and common
     stock equivalents outstanding
     during each quarter, which
     may fluctuate based on
     quarterly income levels and
     market prices.  Therefore,
     the sum of the quarters' per
     share information may not
     equal the total year amounts.


                                                                                                                                                   Table 2
                                                                                                                                                   -------

                                                                            Dollar Thrifty Automotive Group, Inc.
                                                                            Selected Operating and Financial Data
                                                                            -------------------------------------

                                                                          Three months ended                 Nine months ended
                                                                          September 30, 2012                 September 30, 2012
                                                                          ------------------                 ------------------

    OPERATING DATA:
    Vehicle Rental Data:

                                   Average number of vehicles
                                   operated                                                         119,424                               112,712
                                     % change from prior year                                           6.0%                                  3.2%
                                  Number of rental days                                           9,303,762                            25,343,896
                                     % change from prior year                                           7.1%                                  5.9%
                                  Vehicle utilization                                                  84.7%                                 82.1%
                                     Percentage points change from prior
                                      year                                                         0.8 p.p.                              1.8 p.p.
                                  Average revenue per day                                            $47.54                                $45.78
                                     % change from prior year                                         (5.1%)                                (4.4%)
                                   Monthly average revenue per
                                   vehicle                                                           $1,235                                $1,144
                                     % change from prior year                                         (4.2%)                                (1.9%)

                                  Average depreciable fleet                                         120,757                               113,968
                                     % change from prior year                                           6.2%                                  3.5%
                                   Monthly average depreciation (net)
                                   per vehicle                                                         $246                                  $184
                                     % change from prior year                                          32.3%                               (10.7%)


    FINANCIAL DATA: (in millions)
     (unaudited)
                                   Non-vehicle depreciation and
                                   amortization                                                          $7                                   $19
                                  Non-vehicle interest expense                                            2                                     6
                                  Non-vehicle interest income                                             -                                    (1)
                                  Non-vehicle capital expenditures                                        4                                    14
                                  Cash paid for income taxes                                             12                                    26



                                                                                 Selected Balance Sheet Data
                                                                                 ---------------------------
                                                                                        (In millions)

                                                                             September 30,                      December 31,
                                                                                                       2012                      2011        2011
                                                                                                       ----                      ----        ----
                                                                              (unaudited)

                                  Cash and cash equivalents                                            $457                      $499        $509
                                  Restricted cash and investments                                       250                       201         353
                                  Revenue-earning vehicles, net                                       1,876                     1,605       1,468

                                  Vehicle debt                                                        1,481                     1,315       1,400
                                  Stockholders' equity                                                  744                       669         608



                                                                 Tangible Net Worth Calculation
                                                                 ------------------------------
                                                                         (In millions)

                                                                             September 30,                      December 31,
                                                                                                       2012                      2011        2011
                                                                                                       ----                      ----        ----
                                                                              (unaudited)

                                  Stockholders' equity                                                 $744                      $669        $608
                                  Less:  Software, net                                                  (19)                      (22)        (22)
                                  Tangible net worth                                                   $725                      $647        $586


                                                                                                                                 Table 3
                                                                                                                                -------

                                                    Dollar Thrifty Automotive Group, Inc.
                                                              Non-GAAP Measures
                                                              -----------------


    Corporate Adjusted EBITDA means earnings, excluding the impact of the (increase) decrease in fair value of derivatives, before non-vehicle interest expense, income taxes, non-
     vehicle depreciation, amortization, and certain other items as shown below.  The Company believes Corporate Adjusted EBITDA is important as it provides a supplemental measure of the
     Company's liquidity by adjusting earnings to exclude certain non-cash items, taxes and corporate-level capital structure decisions (i.e. non-vehicle interest), thus, allowing the
     Company's management, including the chief operating decision maker, as well as investors and analysts, to evaluate the Company's operating cash flows based on the core operations of
     the Company. Additionally, the Company believes Corporate Adjusted EBITDA is a relevant measure of operating performance in providing a measure of profitability that focuses on the
     core operations of the Company while excluding certain items that do not directly reflect ongoing operating performance.  The Company's management, including the chief operating
     decision maker, uses Corporate Adjusted EBITDA to evaluate the Company's performance and in preparing monthly operating performance reviews and annual operating budgets.  The items
     excluded from Corporate Adjusted EBITDA, but included in the calculation of the Company's reported net income, are significant components of its consolidated statements of income,
     and must be considered in performing a comprehensive assessment of overall financial performance.  Corporate Adjusted EBITDA is not defined under GAAP and should not be considered
     as an alternative measure of the Company's net income, cash flow or liquidity.  Corporate Adjusted EBITDA amounts presented may not be comparable to similar measures disclosed by
     other companies.


                                                                           Three months ended              Nine months ended
                                                                             September 30,                  September 30,
                                                                                2012                 2011                 2012                   2011
                                                                                ----                 ----                 ----                   ----
                                                                            (in thousands)                  (in thousands)
    Reconciliation of Net Income to
    Corporate Adjusted EBITDA
    -------------------------

    Net income  - as reported                                                $55,500              $66,621             $145,298               $125,649

    (Increase) decrease in fair value of derivatives                              40                  523                  525                 (3,367)
    Non-vehicle interest expense                                               1,379                3,709                5,705                  9,053
    Income tax expense                                                        33,469               39,265               89,516                 80,594
    Non-vehicle depreciation                                                   4,346                4,786               13,203                 14,559
    Amortization                                                               1,919                1,896                5,520                  5,703
    Non-cash stock incentives                                                  1,558                  987                4,974                  3,124
    Other                                                                         (5)                (231)              (1,436)                  (243)

    Corporate Adjusted EBITDA                                                $98,206             $117,556             $263,305               $235,072
                                                                             =======             ========             ========               ========

    Reconciliation of Corporate Adjusted EBITDA
    to Cash Flows From Operating Activities
    ---------------------------------------

    Corporate Adjusted EBITDA                                                $98,206             $117,556             $263,305               $235,072

    Vehicle depreciation, net of gains/losses from
     disposal                                                                 89,131               63,290              188,368                203,956
    Non-vehicle interest expense                                              (1,379)              (3,709)              (5,705)                (9,053)
    Change in assets and liabilities and other                                13,769               (5,962)             (11,198)                28,635
                                                                              ------               ------              -------                 ------
         Net cash provided by operating activities (b)                      $199,727             $171,175             $434,770               $458,610
                                                                            ========             ========             ========               ========

    Memo:
    Net cash provided by / (used in) investing activities                    $53,893              $41,421            $(530,291)             $(326,408)
    Net cash provided by /(used in) financing activities
     (b)                                                                    $(82,228)           $(169,196)             $43,742               $(95,882)


    (b)   Certain reclassifications have
     been made to the 2011 financial
     information to conform to the
     classifications used in 2012.


                                                               Table 3 (Continued)
                                                               ------------------

                         Dollar Thrifty Automotive Group, Inc.
                                   Non-GAAP Measures
                                   -----------------



                                                Full Year
                                                  2012                        2011
                                                  ----                        ----
                                            (in millions)
    Reconciliation of Pretax
     Income to                           (forecasted)               (actual)
    Corporate Adjusted EBITDA
    -------------------------

    Pretax income                          $255 - $265                        $261

    (Increase) decrease in
     fair value of
     derivatives (2012
     amount is YTD September
     2012)                                           1                          (3)
    Non-vehicle interest
     expense                                         7                          11
    Non-vehicle depreciation                        18                          19
    Amortization                                     7                           7
    Non-cash stock
     incentives                                      7                           3
    Other                                           (1)                          -
    Merger-related expenses
     (c )                                            6                           5

    Corporate Adjusted
     EBITDA, excluding
     merger-related
     expenses                              $300 - $310                        $303
                                           ===========                        ====





                                              Full Year
                                                  2012                        2011
                                                  ----                        ----

    Reconciliation of GAAP
     diluted earnings per
     share ("EPS") to non-
     GAAP diluted EPS:                   (forecasted)               (actual)

    EPS, diluted (d)                     $5.39 - $5.61                       $5.11

    EPS impact of (increase)
     decrease in fair value
     of derivatives, net of
     tax (e)                                      0.01                       (0.06)

    EPS impact of merger-
     related expenses, net
     of tax (f)                                   0.11                        0.09

    Non-GAAP diluted EPS,
     excluding merger-
     related expenses (g)                $5.50 - $5.75                       $5.13
                                         =============                       =====


    (c )              Merger-related expenses include
                      legal, litigation, advisory and
                      other fees related to a potential
                      merger transaction. Full year
                      2012 includes $5.7 million of
                      merger-related expenses through
                      September 30, 2012.

    (d)               Forecasted EPS for the year ended
                      December 31, 2012 is calculated
                      using pretax income as noted
                      above with an assumed 38% tax
                      rate and approximately 29.3
                      million diluted shares.

    (e)               The tax effect of the (increase)
                      decrease in fair value of
                      derivatives is calculated using
                      the entity-specific, U.S.
                      federal and blended state tax
                      rate applicable to the derivative
                      instruments which is ($1.4)
                      million for the year ended
                      December 31, 2011. The tax effect
                      of the forecasted (increase)
                      decrease in fair value of
                      derivatives for the year ended
                      December 31, 2012 (which is based
                      on the year-to-date September
                      30, 2012 amount) is approximately
                      $0.2 million.

    (f)               The tax effect of the merger-
                      related expenses is calculated
                      using the entity-specific, U.S.
                      federal and blended state tax
                      rate applicable to the merger-
                      related expenses which amount is
                      $1.9 million for the year ended
                      December 31, 2011. The tax effect
                      of the forecasted merger-related
                      expenses for the year ended
                      December 31, 2012 (which is based
                      on the year-to-date September
                      30, 2012 amount) is approximately
                      $2.4 million.

    (g)               Since each category of EPS is
                      computed independently for each
                      period, total per share amounts
                      may not equal the sum of the
                      respective categories.

SOURCE Dollar Thrifty Automotive Group, Inc.