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- 10-Q Quarterly report
- 10.1 Amendment No. 1, Dated As of January 26, 2011 to the Employment Agreement
- 10.2 Global Amendment Dated As of February 17, 2011
- 10.3 Series 2011-1 Indenture Supplement, Dated As of March 17, 2011
- 12 Statement Re: Computation of Ratio of Earnings to Fixed Charges
- 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 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)
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Earnings before fixed charges: | ||||||||
Income (loss) before income taxes | $ | 11 | $ | (66 | ) | |||
Plus: Fixed charges | 134 | 112 | ||||||
Earnings available to cover fixed charges | $ | 145 | $ | 46 | ||||
Fixed charges(a): | ||||||||
Interest, including amortization of deferred financing costs | $ | 117 | $ | 95 | ||||
Interest portion of rental payment | 17 | 17 | ||||||
Total fixed charges | $ | 134 | $ | 112 | ||||
Ratio of earnings to fixed charges(b) | 1.1x | — | ||||||
(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: |
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Related to debt under vehicle programs | $ | 66 | $ | 54 | ||||
All other | 51 | 41 | ||||||
$ | 117 | $ | 95 | |||||
(b) | Earnings were not sufficient to cover fixed charges for the three months ended March 31, 2010 by $66 million. |
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