EX-12 2 exhibit12car-20150930.htm EXHIBIT 12
Exhibit 12
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

| Nine Months Ended September 30,
| 2015 |  | 2014
Earnings available to cover fixed charges: |  |  |
Income from continuing operations before income taxes | $ | 378 |  |  | $ | 359 |
Plus: Fixed charges | 471 |  |  | 505 |
Earnings available to cover fixed charges | $ | 849 |  |  | $ | 864 |
Fixed charges (a): |  |  |
Interest, including amortization of deferred financing costs | $ | 387 |  |  | $ | 429 |
Interest portion of rental payment | 84 |  |  | 76 |
Total fixed charges | $ | 471 |  |  | $ | 505 |
Ratio of earnings to fixed charges | 1.80 | x |  | 1.71 | 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:

| Nine Months Ended September 30,
| 2015 |  | 2014
Related to debt under vehicle programs | $ | 227 |  |  | $ | 218 |
All other | 160 |  |  | 211 |
| $ | 387 |  |  | $ | 429 |