Avis Budget (CAR) 10-Q2012 Q1 Quarterly report

Filed: 9 May 12, 12:00am

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Exhibit 12

Avis Budget Group, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)


	Three Months Ended March 31,
	2012			2011
Earnings before fixed charges:
Income (loss) before income taxes	$	(26	)	$	11
Plus: Fixed charges		194			134

Earnings available to cover fixed charges	$	168		$	145


Fixed charges^(a):
Interest, including amortization of deferred financing costs	$	171		$	117
Interest portion of rental payments		23			17


Total fixed charges	$	194		$	134


Ratio of earnings to fixed charges^(b)		—			1.1	x

^(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,
	2012		2011
Related to debt under vehicle programs	$	76	$	66
All other		95		51

	$	171	$	117

^(b)	Earnings were not sufficient to cover fixed charges for the three months ended March 31, 2012 by $26 million.

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