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Exhibit 12
Avis Group Holdings, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Three Months Ended March 31, 2003 | Three Months Ended March 31, 2002 | |||||
---|---|---|---|---|---|---|---|
Earnings available to cover fixed charges: | |||||||
Loss before income taxes | $ | (8,906 | ) | $ | (4,153 | ) | |
Plus: Fixed charges | 63,791 | 72,062 | |||||
Less: Capitalization of interest | — | (3 | ) | ||||
Earnings available to cover fixed charges | $ | 54,885 | $ | 67,906 | |||
Fixed charges(a): | |||||||
Interest, including amortization of deferred financing costs | 53,079 | 62,106 | |||||
Interest portion of rental payment | 10,712 | 9,956 | |||||
Total fixed charges | $ | 63,791 | $ | 72,062 | |||
Ratio of earnings to fixed charges(b): | 0.86 | x | 0.94 | 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.
- (b)
- Total fixed charges exceed earnings available to cover fixed charges by $8.9 million and $4.2 million for the three months ended March 31, 2003 and 2002, respectively.
Avis Group Holdings, Inc. and Subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands)