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EXHIBIT 12
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
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NINE MONTHS ENDED
SEPTEMBER 30,
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2002 2001
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EARNINGS BEFORE FIXED CHARGES:
Income before income taxes, minority interest and equity in Homestore.com $ 1,277 $ 1,172
Plus: Fixed charges 628 696
Less: Equity loss in unconsolidated affiliates -- (5)
Minority interest 24 33
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Earnings available to cover fixed charges $ 1,881 $ 1,840
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FIXED CHARGES (A):
Interest, including amortization of deferred financing costs $ 538 $ 631
Minority interest 24 33
Interest portion of rental payment 66 32
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Total fixed charges $ 628 $ 696
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RATIO OF EARNINGS TO FIXED CHARGES 3.00x(b) 2.64x(c)
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(a) Consists 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. Interest expense on all indebtedness is detailed as follows:
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<Caption>
SEPTEMBER 30,
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2002 2001
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Incurred by the Company's PHH subsidiary $ 148 $ 208
Related to the debt under management and mortgage programs incurred
by the Company's car rental subsidiary 158 135
All other 232 288
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(b) Income before income taxes, minority interest and equity in Homestore.com
includes other charges of $289 million. Excluding such amounts, the ratio
of earnings to fixed charges is 3.46x.
(c) 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 $299 million. Excluding such amounts,
the ratio of earnings to fixed charges is 2.45x.
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