PHH Inactive 10-K2006 FY Annual report

Filed: 24 May 07, 12:00am

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Removed: accruing, accumulation, Branch, calendar, Canadian, clarified, consolidate, controlled, diligence, eliminate, entirety, equaled, expiring, fifty, floating, gasoline, guarantor, investee, label, page, preferable, QSPE, reclassify, seller, SPE, structured, succeeding, task, twelve, VIE

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Exhibit 12

PHH CORPORATION AND SUBSIDIARIES
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:
(Loss) income from continuing operations before income taxes and minority interest	$	(4	)	$	159	$	172	$	333	$	(29	)
Plus: fixed charges		477			360		262		246		196

Earnings available to cover fixed charges	$	473		$	519	$	434	$	579	$	167

Fixed charges⁽¹⁾:
Interest expense, including amortization of deferred financing costs	$	465		$	348	$	250	$	235	$	188
Interest portion of rental payment		12			12		12		11		8

Total fixed charges	$	477		$	360	$	262	$	246	$	196

Ratio of earnings to fixed charges		0.99x	⁽²⁾		1.44x		1.66x		2.35x		0.85x	⁽³⁾


⁽¹⁾		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.

⁽²⁾		The ratio of earnings to fixed charges for the year ended December 31, 2006 is less thanone-to-one due to a $4 million deficiency.

⁽³⁾		The ratio of earnings to fixed charges for the year ended December 31, 2002 is less thanone-to-one due to a $29 million deficiency.