EX-12 8 d418293dex12.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)

 

     Nine Months Ended
September 30,		  
     2012      2011  

Earnings before fixed charges:

      

Income before income taxes

    $ 363       $ 236   

Plus: Fixed charges

      541         409   
  

 

 

     

 

 

  

Earnings available to cover fixed charges

    $ 904       $ 645   
  

 

 

     

 

 

  

Fixed charges(a):

      

Interest, including amortization of deferred financing costs

    $ 475       $ 359   

Interest portion of rental payments

      66         50   
  

 

 

     

 

 

  

Total fixed charges

    $ 541       $ 409   
  

 

 

     

 

 

  

Ratio of earnings to fixed charges

      1.67x         1.58x   
  

 

 

     

 

 

  

 

(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:

 

     Nine Months Ended
September 30,		  
     2012      2011  

Related to debt under vehicle programs

    $ 236       $ 209   

All other

      239         150   
  

 

 

     

 

 

  
   $ 475       $ 359   
  

 

 

     

 

 

  

*  *  *

 

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