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- 10-K Annual report
- 10.7 Agreement Between Avis Budget Group, Inc. and Mark Servodidio
- 10.8 Agreement Between Avis Budget Group, Inc. and John T. Mcclain
- 10.25 Series 2005-2 Supplement
- 10.25 First Amendment to the Series 2005-2 Supplement
- 10.29 Amended and Restated Loan Agreement
- 10.29 First Amendment to the Amended and Restated Loan Agreement
- 10.30 Amended and Restated Master Motor Vehicle Finance Lease Agreement
- 10.30 First Amendment to the Amended and Restated Master Motor Vehicle Finance Lease
- 12 Statement Re: Computation of Ratio of Earnings to Fixed Charges
- 21 Subsidiaries of Registrant
- 23 Consent of Independent Registered Public Accounting Firm
- 31.1 Certification of CEO Pursuant to Rules 13(A)-14(A) and 15(D)-14(A)
- 31.2 Certification of CFO Pursuant to Rules 13(A)-14(A) and 15(D)-14(A)
- 32 Certifications Pursuant to 18 U.s.c. Section 1350
Exhibit 12
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Year Ended December 31, | |||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Earnings available to cover fixed charges: | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (677 | ) | $ | (62 | ) | $ | 7 | $ | (263 | ) | $ | (375 | ) | |||||
Plus: Fixed charges | 693 | 569 | 607 | 644 | 543 | ||||||||||||||
Earnings available to cover fixed charges | $ | 16 | $ | 507 | $ | 614 | $ | 381 | $ | 168 | |||||||||
Fixed charges(a): | |||||||||||||||||||
Interest, including amortization of deferred | $ | 632 | $ | 512 | $ | 553 | $ | 595 | $ | 513 | |||||||||
Interest portion of rental payment | 61 | 57 | 54 | 49 | 30 | ||||||||||||||
Total fixed charges | $ | 693 | $ | 569 | $ | 607 | 644 | $ | 543 | ||||||||||
Ratio of earnings to fixed charges(c) | - | - | 1.01x | - | - | ||||||||||||||
(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: |
Year Ended December 31, | |||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Related to the debt under vehicle programs | $ | 361 | $ | 313 | $ | 263 | $ | 270 | $ | 213 | |||||
All other | 271 | 199 | 290 | 325 | 300 | ||||||||||
$ | 632 | $ | 512 | $ | 553 | $ | 595 | $ | 513 | ||||||
(b) | Does not include interest expense from discontinued operations of $87 million, $163 million, $371 million, $268 million and $227 million for the years ended December 31, 2006, 2005, 2004, 2003 and 2002, respectively. |
(c) | Earnings were not sufficient to cover fixed charges in 2006, 2005, 2003 and 2002. |
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