EX-12 4 a2092484zex-12.htm EXHIBIT 12
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Exhibit 12


Avis Group Holdings, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 
   
   
  Predecessor
Companies

 
 
   
  March 1, 2001
(Date of Acquisition)
to
September 30, 2001

 
 
  Nine Months
Ended
September 30, 2002

  Two Months
Ended
February 28, 2001

 
Earnings available to cover fixed charges:                    
Income (loss) before income taxes   $ 96,917   $ (8,534 ) $ (42,237 )
Plus: Fixed charges     221,032     193,933     59,419  
Less: Capitalization of interest     8     18     4  
   
 
 
 
Earnings available to cover fixed charges   $ 317,941   $ 185,381   $ 17,178  
   
 
 
 
Fixed charges:(a)                    
Interest, including amortization of deferred financing costs   $ 190,544   $ 168,433   $ 52,134  
Interest portion of rental payment     30,488     25,500     7,285  
   
 
 
 
Total fixed charges   $ 221,032   $ 193,933   $ 59,419  
   
 
 
 
Ratio of earnings to fixed charges   $ 1.44x   $ 0.96x   $ 0.29x  
   
 
 
 

(a)
Consists of interest expense on all indebtedness (including amortization of deferred financing costs and capitalized interest) and the portion of operating lease rental expense that is representative of the interest factor.

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Avis Group Holdings, Inc. and Subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands)