Exhibit 12

Cendant Corporation and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

		Year Ended December 31,
		2005			2004			2003			2002			2001
Earnings available to cover fixed charges:
Income before income taxes, minority interest and equity in Homestore		$	1,346		$	2,047		$	1,748		$	1,065		$	321
Plus: Fixed charges			885			971			928			737			764
	Amortization of capitalized interest		5			6			4			-			-
Less: Equity income (loss) in unconsolidated affiliates			-			-			-			2			(5	)
	Minority interest (pre-tax) in mandatorily redeemable preferred interest in a subsidiary		-			6			6			14			23
	Minority interest (pre-tax) in mandatorily redeemable trust preferred securities		-			-			-			-			14
	Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges (a)		-			-			25			20			-
	Capitalized interest		7			5			7			-			-
Earnings available to cover fixed charges		$	2,229		$	3,013		$	2,642		$	1,766		$	1,053
Fixed charges (b):
Interest, including amortization of deferred financing costs (c)		$	734		$	820		$	791		$	632		$	685
Minority interest (pre-tax) in mandatorily redeemable preferred interest in a subsidiary			-			6			6			14			23
Minority interest (pre-tax) in mandatorily redeemable trust preferred securities			-			-			-			-			14
Interest portion of rental payment			151			145			131			91			42
Total fixed charges		$	885		$	971		$	928			737		$	764
Ratio of earnings to fixed charges			2.52	x		3.10	x		2.85	x		2.40	x		1.38	x

(a)	Includes minority expense related to the Company’s venture with Marriott International, Inc. of $25 million and $20 million during 2003 and 2002, respectively.
(b)	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,
	2005		2004		2003		2002		2001
Related to the debt under management programs incurred by the Company’s car rental subsidiary	$	313	$	263	$	270	$	213	$	189
Related to the Company’s stockholder litigation settlement liability		-		-		-		-		131
All other		421		557		521		419		365
	$	734	$	820	$	791	$	632	$	685

^(c) Does not include interest expense from discontinued operations of $11 million, $96 million, $67 million, $106 million and $157 million for the years ended December 31, 2005, 2004, 2003, 2002 and 2001, respectively.

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