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EXHIBIT 12
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
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2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
EARNINGS AVAILABLE TO COVER FIXED CHARGES:
Income (loss) before income taxes, minority interest
and equity in Homestore.com $ 759 $1,106 $ (574) $ 315 $ 257
Plus: Fixed charges 991 574 625 677 409
Less: Equity income (loss) in unconsolidated
affiliates (5) 17 18 14 51
Minority interest 37 131 96 80 --
------ ------ ------ ------ ------
Earnings available to cover fixed charges $1,718 $1,532 $ (63) $ 898 $ 615
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FIXED CHARGES:(a)
Interest, including amortization of deferred
financing costs $ 816 $ 381 $ 463 $ 509 $ 379
Other charges, financing costs -- -- -- 28 --
Minority interest 37 131 96 80 --
Interest portion of rental payment 138 62 66 60 30
------ ------ ------ ------ ------
Total fixed charges $ 991 $ 574 $ 625 $ 677 $ 409
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RATIO OF EARNINGS TO FIXED CHARGES 1.73x(b) 2.67x(b) (c) 1.33x(b) 1.50x(b)
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(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:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
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2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Incurred by the Company's PHH subsidiary $ 258 $ 156 $ 133 $ 166 $ 110
Related to the Company's stockholder litigation settlement
liability 131 63 -- -- --
Related to the debt under management and mortgage programs
incurred by the Company's car rental subsidiary 189 -- -- -- --
All other 238 162 330 343 269
</Table>
The interest expense of $131 million related to the Company's stockholder
litigation settlement liability does not reflect $25 million of interest
income related to the Company's stockholder litigation settlement trust.
Such interest income economically offsets a portion of the $131 million of
interest expense on the Company's Consolidated Statement of Operations.
(b) Income (loss) before income taxes, minority interest and equity in
Homestore.com includes other charges and a net loss on the disposition of
businesses of $695 million, $119 million, $810 million (exclusive of
financing costs of $30 million) and $704 million for 2001, 2000, 1998 and
1997, respectively. Excluding such charges, the ratio of earnings to fixed
charges is 2.43x, 2.88x, 2.52x and 3.22x for 2001, 2000, 1998 and 1997,
respectively.
(c) Earnings were inadequate to cover fixed charges for 1999 (deficiency of
$688 million) as a result of other charges of $3,032 million, partially
offset by $1,109 million related to the net gain on dispositions of
businesses. Excluding such charges and net gain, the ratio of earnings to
fixed charges is 2.98x.