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Exhibit 12
Cendant Corporation and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Three Months Ended | ||||||||||
March 31, | ||||||||||
2005 | 2004 | |||||||||
Earnings before fixed charges: | ||||||||||
Income before income taxes and minority interest | $ | 179 | $ | 296 | ||||||
Plus: | Fixed charges | 197 | 244 | |||||||
Amortization of capitalized interest | 1 | 2 | ||||||||
Less: | Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | – | 6 | |||||||
Capitalized interest | 1 | 1 | ||||||||
Earnings available to cover fixed charges | $ | 376 | $ | 535 | ||||||
Fixed charges (a): | ||||||||||
Interest, including amortization of deferred financing costs | $ | 160 | $ | 203 | ||||||
Minority interest (pre-tax) in mandatorily redeemable preferred interest in a subsidiary | – | 6 | ||||||||
Interest portion of rental payment | 37 | 35 | ||||||||
Total fixed charges | $ | 197 | $ | 244 | ||||||
Ratio of earnings to fixed charges | 1.91x | 2.19x | ||||||||
(a) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs and capitalized interest) and the portion of operating lease rental expense that is representative of the interest factor. Interest expense on all indebtedness is detailed as follows: |
March 31, | ||||||||
2005 | 2004 | |||||||
Related to the debt under management programs incurred by the Company’s vehicle rental business | $ | 63 | $ | 64 | ||||
All other | 97 | 139 |
* * *