Avis Budget (CAR) 10-K 2011 FY Annual report

Exhibit 12

Avis Budget Group, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	Year Ended December 31,
	2011		2010		2009			2008			2007
Earnings available to cover fixed charges:
Income (loss) from continuing operations before income taxes	$	36	$	72	$	(77	)	$	(1,343	)	$	(992	)
Plus: Fixed charges		576		510		408			464			556
Earnings available to cover fixed charges	$	612	$	582	$	331		$	(879	)	$	(436	)
Fixed charges(a):
Interest, including amortization of deferred financing costs	$	506	$	445	$	343		$	402		$	497
Interest portion of rental payment		70		65		65			62			59
Total fixed charges	$	576	$	510	$	408		$	464		$	556
Ratio of earnings to fixed charges(b)		1.06x		1.14x		—			—			—

^(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. Does not include early extinguishment of debt expense of $52 million in 2010. Interest expense on all indebtedness is detailed as follows:

	Year Ended December 31,
	2011		2010		2009		2008		2007
Related to debt under vehicle programs	$	279	$	215	$	186	$	266	$	356
All other		227		230		157		136		141
	$	506	$	445	$	343	$	402	$	497

^(b)  Earnings were not sufficient to cover fixed charges in 2009, 2008 and 2007 by $77 million, $1,343 million and $992 million, respectively.

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