EX-12 4 exhibit12-12312015.htm EXHIBIT 12

|  |  |  |  |  |  | Exhibit 12 |
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings available to cover fixed charges: |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes | $ | 382 |  |  | $ | 392 |  |  | $ | 97 |  |  | $ | 300 |  |  | $ | 36 |
Plus: Fixed charges | 622 |  |  | 648 |  |  | 741 |  |  | 638 |  |  | 576 |
Earnings available to cover fixed charges | $ | 1,004 |  |  | $ | 1,040 |  |  | $ | 838 |  |  | $ | 938 |  |  | $ | 612 |
Fixed charges (a) : |  |  |  |  |  |  |  |  |
Interest, including amortization of deferred financing costs | $ | 510 |  |  | $ | 547 |  |  | $ | 643 |  |  | $ | 546 |  |  | $ | 506 |
Interest portion of rental payment | 112 |  |  | 101 |  |  | 98 |  |  | 92 |  |  | 70 |
Total fixed charges | $ | 622 |  |  | $ | 648 |  |  | $ | 741 |  |  | $ | 638 |  |  | $ | 576 |
Ratio of earnings to fixed charges | 1.61 | x |  | 1.60 | x |  | 1.13 | x |  | 1.47 | x |  | 1.06 | 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:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Related to debt under vehicle programs | $ | 302 |  |  | $ | 290 |  |  | $ | 271 |  |  | $ | 303 |  |  | $ | 279 |
All other | 208 |  |  | 257 |  |  | 372 |  |  | 243 |  |  | 227 |
| $ | 510 |  |  | $ | 547 |  |  | $ | 643 |  |  | $ | 546 |  |  | $ | 506 |

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