EXHIBIT 12
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30,
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2001 2000
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EARNINGS BEFORE FIXED CHARGES:
Income before income taxes, minority interest and
equity in Homestore.com $ 909 $ 515
Plus: Fixed charges 457 226
Less: Equity income (loss) in unconsolidated affiliates (4) 6
Minority interest 28 60
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Earnings available to cover fixed charges $ 1,342 $ 675
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FIXED CHARGES(1):
Interest, including amortization of deferred
financing costs $ 400 $ 136
Minority interest 28 60
Interest portion of rental payment 29 30
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Total fixed charges $ 457 $ 226
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RATIO OF EARNINGS TO FIXED CHARGES $ 2.94x(2) $ 2.99x(3)
========= =========
</Table>
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(1) Fixed charges consist of interest expense on all indebtedness (including
amortization of deferred financing costs and capitalized interest) and the
portion of operating lease rental expense that is representative of the
interest factor.
(2) Income before income taxes, minority interest and equity in Homestore.com
includes a net gain on the dispositions of businesses of $435 million,
partially offset by other charges of $212 million. Excluding such amounts,
the ratio of earnings to fixed charges is 2.45x.
(3) Income before income taxes, minority interest and equity in Homestore.com
includes net restructuring charges of $106 million and a net loss on the
dispositions of businesses of $10 million, partially offset by
litigation-related credits of $33 million. Excluding such amounts, the
ratio of earnings to fixed charges is 3.35x.