EX-12 3 dex12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

Avis Budget Group, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

         Three Months Ended
March 31,
 
         2009     2008  

Earnings before fixed charges:

    

Loss before income taxes

   $ (70 )   $ (18 )

Plus: Fixed charges

     101       119  
                  

Earnings available to cover fixed charges

   $ 31     $ 101  
                  

Fixed charges:

    

Interest, including amortization of deferred financing costs (a)

     85       104  

Interest portion of rental payment

     16       15  
                  

Total fixed charges

   $ 101     $ 119  
                  

Ratio of earnings to fixed charges (b)

     —         —    
                  

 

(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:

     Three Months Ended
March 31,
     2009    2008

Related to debt under vehicle programs

   $ 46    $ 72

All other

     39      32
             
   $ 85    $ 104
             

 

(b)

Earnings were not sufficient to cover fixed charges for the three months ended March 31, 2009 and 2008.

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