EX-12 5 exhibit12-12312014.htm EXHIBIT 12 EXHIBIT 12 - 12.31.2014

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

(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
392

 
$
97

 
$
300

 
$
36

 
$
72

Plus: Fixed charges
648

 
741

 
638

 
576

 
510

Earnings available to cover fixed charges
$
1,040

 
$
838

 
$
938

 
$
612

 
$
582

 
 
 
 
 
 
 
 
 
 
Fixed charges (a) :
 
 
 
 
 
 
 
 
 
Interest, including amortization of deferred financing costs
$
547

 
$
643

 
$
546

 
$
506

 
$
445

Interest portion of rental payment
101

 
98

 
92

 
70

 
65

Total fixed charges
$
648

 
$
741

 
$
638

 
$
576

 
$
510

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.60
x
 
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,
 
2014
 
2013
 
2012
 
2011
 
2010
Related to debt under vehicle programs
$
290

 
$
271

 
$
303

 
$
279

 
$
215

All other

257

 
372

 
243

 
227

 
230

 
$
547

 
$
643

 
$
546

 
$
506

 
$
445

 
 
 
 
 
 
 
 
 
 
 

* * *