EX-12 12 exhibit12.htm EXHIBIT EXHIBIT 12

 
 
 
 
 
 
 
Exhibit 12
 
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
97

 
$
300

 
$
36

 
$
72

 
$
(77
)
Plus: Fixed charges
741

 
638

 
576

 
510

 
408

Earnings available to cover fixed charges
$
838

 
$
938

 
$
612

 
$
582

 
$
331

 
 
 
 
 
 
 
 
 
 
Fixed charges (a) :
 
 
 
 
 
 
 
 
 
Interest, including amortization of deferred financing costs
$
643

 
$
546

 
$
506

 
$
445

 
$
343

Interest portion of rental payment
98

 
92

 
70

 
65

 
65

Total fixed charges
$
741

 
$
638

 
$
576

 
$
510

 
$
408

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (b)
1.13
x
 
1.47
x
 
1.06
x
 
1.14
x
 
—

___________
 
 
 
 
 
 
 
 
 
(a) Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. Interest expense on all indebtedness is detailed as follows:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Related to debt under vehicle programs
$
271

 
$
303

 
$
279

 
$
215

 
$
186

All other

372

 
243

 
227

 
230

 
157

 
$
643

 
$
546

 
$
506

 
$
445

 
$
343

___________
 
 
 
 
 
 
 
 
 
(b) Earnings were not sufficient to cover fixed charges in 2009 by $77 million.

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