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Filing tables
Filing exhibits
- 10-Q Quarterly report
- 10.5 EX-10.5: Amendment No. 1 to the Amended and Restated Limited Liability Company Operating Agreement
- 12 EX-12: Statement Re: Computation of Ratio of Earnings to Fixed Charges
- 15 EX-15: Letter Re: Unaudited Interim Financial Information
- 31.1 EX-31.1: Certification
- 31.2 EX-31.2: Certification
- 32 EX-32: Certification
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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, | ||||||||||
2006 | 2005 | |||||||||
Earnings before fixed charges: | ||||||||||
Income before income taxes and minority interest | $ | 192 | $ | 179 | ||||||
Plus: | Fixed charges | 250 | 197 | |||||||
Amortization of capitalized interest | 1 | 1 | ||||||||
Less: | Capitalized interest | 3 | 1 | |||||||
Earnings available to cover fixed charges | $ | 440 | $ | 376 | ||||||
Fixed charges (a): | ||||||||||
Interest, including amortization of deferred financing costs (b) | $ | 208 | $ | 160 | ||||||
Interest portion of rental payment | 42 | 37 | ||||||||
Total fixed charges | $ | 250 | $ | 197 | ||||||
Ratio of earnings to fixed charges | 1.76x | 1.91x | ||||||||
(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: |
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
Related to the debt under management programs incurred by the Company’s vehicle rental business | $ | 97 | $ | 63 | ||||
All other | 111 | 97 |
(b) | Does not include interest expense from discontinued operations of $11 million for the three months ended March 31, 2005. |
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