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- 10-Q Quarterly report
- 2.2 Separation and Distribution Agreement by and Among Cendant Corporation
- 10.2 Avis Budget Group, Inc. 2007 Equity and Incentive Plan
- 10.3 Extension Letter Related to the Series 2006-1 Supplement
- 10.4 Amendment No. 1, Dated As of May 16, 2007, to the Series 2006-1 Supplement
- 10.5 Amendment No. 1, Dated As of May 16, 2007, to the Base Indenture
- 10.6 Supplemental Indenture No. 2, Dated As of May 9, 2007
- 10.7 Second Amendment to the Amended and Restated Loan Agreement
- 10.8 Second Amendment to the Second Amended and Restated Loan Agreement
- 10.9 3RD Amendment to the Restated Master Motor Vehicle Operating Lease Agreement
- 10.10 3RD Amendment to the Master Motor Vehicle Operating Lease Agreement
- 10.11 3RD Amendment to the Restated Master Motor Vehicle Finance Lease Agreement
- 10.12 First Amendment to the Amended and Restated Loan Agreement
- 10.13 Fifth Amendment to the Amended and Restated Series 2000-2 Supplement
- 10.14 Fourth Amendment, Dated As of May 9, 2007, to the Series 2002-1 Supplement
- 10.15 9TH Amendment to the Amended and Restated Series 2002-2 Supplement
- 10.16 Tenth Amendment, Dated As of May 9, 2007, to the Series 2002-3 Supplement
- 10.17 Third Amendment, Dated As of May 9, 2007, to the Series 2003-2 Supplement
- 10.18 Third Amendment, Dated As of May 9, 2007, to the Series 2003-3 Supplement
- 10.19 Third Amendment, Dated As of May 9, 2007, to the Series 2003-4 Supplement
- 10.20 Third Amendment, Dated As of May 9, 2007, to the Series 2003-5 Supplement
- 10.21 First Amendment to the Second Amended and Restated Series 2004-1 Supplement
- 10.22 Third Amendment, Dated As of May 9, 2007, to the Series 2004-2 Supplement
- 10.23 Second Amendment, Dated As of May 9, 2007, to the Series 2005-1 Supplement
- 10.24 Second Amendment, Dated As of May 9, 2007, to the Series 2005-2 Supplement
- 10.25 Second Amendment, Dated As of May 9, 2007, to the Series 2005-4 Supplement
- 10.26 First Amendment, Dated As of May 9, 2007, to the Series 2006-1 Supplement
- 10.27 First Amendment, Dated As of May 9, 2007, to the Series 2006-1 Supplement
- 10.28 First Amendment, Dated As of May 9, 2007, to the Series 2007-1 Supplement
- 12 Statement Re: Computation of Ratio of Earnings to Fixed Charges
- 31.1 Certification of Chief Executive Officer Pursuant to Rules 13(A)-14(A) and 15(D)
- 31.2 Certification of Chief Financial Officer Pursuant to Rules 13(A)-14(A) and 15(D)
- 32 Certification 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)
Six Months Ended June 30, | ||||||||
2007 | 2006 | |||||||
Earnings before fixed charges: | ||||||||
Income (loss) from continuing operations before income taxes | $ | 47 | $ | (208 | ) | |||
Plus: Fixed charges | 262 | 392 | ||||||
Earnings available to cover fixed charges | $ | 309 | $ | 184 | ||||
Fixed charges(a): | ||||||||
Interest, including amortization of deferred financing costs (b) | $ | 233 | $ | 360 | ||||
Interest portion of rental payment | 29 | 32 | ||||||
Total fixed charges | $ | 262 | $ | 392 | ||||
Ratio of earnings to fixed charges(c) | 1.18 | x | — | |||||
(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: |
Six Months Ended June 30, | ||||||
2007 | 2006 | |||||
Related to debt under vehicle programs | $ | 162 | $ | 184 | ||
All other | 71 | 176 | ||||
$ | 233 | $ | 360 | |||
(b) | Does not include interest expense from discontinued operations of $98 million for the six months ended June 30, 2006. |
(c) | Earnings were not sufficient to cover fixed charges for the six months ended June 30, 2006. |
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