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Exhibit 12
Avis Group Holdings, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| | | Predecessor Companies | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | March 1, 2001 (Date of Acquisition) to December 31, 2001 | ||||||||||||||||
| Year Ended December 31, 2002 | Two Months Ended February 28, 2001 | Years Ended December 31, | |||||||||||||||
| 2000 | 1999 | 1998 | |||||||||||||||
Earnings available to cover fixed charges: | ||||||||||||||||||
Income (loss) before income taxes | $ | 82,619 | $ | (69,850 | ) | $ | (42,237 | ) | $ | 99,104 | $ | 91,548 | $ | 112,228 | ||||
Plus: Fixed charges | 292,703 | 270,128 | 59,419 | 419,428 | 354,875 | 278,241 | ||||||||||||
Less: Capitalization of interest | 8 | 22 | 4 | 165 | 94 | 151 | ||||||||||||
Earnings available to cover fixed charges | $ | 375,314 | $ | 200,256 | $ | 17,178 | $ | 518,367 | $ | 446,329 | $ | 390,318 | ||||||
Fixed charges:(a) | ||||||||||||||||||
Interest, including amortization of deferred financing costs | $ | 251,858 | $ | 234,901 | $ | 52,134 | $ | 373,949 | $ | 298,549 | $ | 219,208 | ||||||
Interest portion of rental payment | 40,845 | 35,227 | 7,285 | 45,479 | 56,326 | 59,033 | ||||||||||||
Total fixed charges | $ | 292,703 | $ | 270,128 | $ | 59,419 | $ | 419,428 | $ | 354,875 | $ | 278,241 | ||||||
Ratio of earnings to fixed charges | 1.28x | 0.74x | 0.29x | 1.24x | 1.26x | 1.40x | ||||||||||||
- (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.
Avis Group Holdings, Inc. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands)