AVIS BUDGET GROUP, INC. - FORM 10-K - EX-12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 23, 2010

Attached files

file filename
10-K - FORM 10-K - AVIS BUDGET GROUP, INC.d10k.htm
EX-10.8 - FORM OF AVIS BUDGET GROUP, INC. SEVERANCE AGREEMENT - AVIS BUDGET GROUP, INC.dex108.htm
EX-4.1(D) - THIRD SUPPLEMENTAL INDENTURE, DATED AS OF NOVEMBER 5, 2009 - AVIS BUDGET GROUP, INC.dex41d.htm
EX-10.7(B) - AGREEMENT BETWEEN AVIS BUDGET GROUP, INC. AND THOMAS GARTLAND - AVIS BUDGET GROUP, INC.dex107b.htm
EX-10.7(A) - AGREEMENT BETWEEN AVIS BUDGET GROUP, INC. AND THOMAS GARTLAND - AVIS BUDGET GROUP, INC.dex107a.htm
EX-10.19(B) - FIRST AMENDMENT TO THE AVIS BUDGET GROUP, INC. DEFERRED COMPENSATION PLAN - AVIS BUDGET GROUP, INC.dex1019b.htm
EX-10.41(B) - FIRST AMENDMENT TO THE SERIES 2009-3 SUPPLEMENT DATED DECEMBER 8, 2009 - AVIS BUDGET GROUP, INC.dex1041b.htm
EX-10.41(A) - SERIES 2009-3 SUPPLEMENT, DATED AS OF NOVEMBER 5, 2009 - AVIS BUDGET GROUP, INC.dex1041a.htm
EX-10.38(B) - FIRST AMENDMENT TO THE AMENDED AND RESTATED SERIES 2008-1 SUPPLEMENT - AVIS BUDGET GROUP, INC.dex1038b.htm
EX-10.11(E) - AMENDMENT NO. 4 TO THE AVIS BUDGET GROUP, INC. 2007 EQUITY AND INCENTIVE PLAN - AVIS BUDGET GROUP, INC.dex1011e.htm
EX-21 - SUBSIDIARIES OF REGISTRANT - AVIS BUDGET GROUP, INC.dex21.htm
EX-32 - CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350 - AVIS BUDGET GROUP, INC.dex32.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - AVIS BUDGET GROUP, INC.dex23.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - AVIS BUDGET GROUP, INC.dex311.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - AVIS BUDGET GROUP, INC.dex312.htm
EX-10.53(L) - AMENDING AGREEMENT NO. 11 TO THE FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP - AVIS BUDGET GROUP, INC.dex1053l.htm

Exhibit 12

Avis Budget Group, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

     Year Ended December 31,  
         2009             2008             2007             2006             2005      

Earnings available to cover fixed charges:

           

Loss from continuing operations before
income taxes

    $ (77 )    $ (1,343 )    $ (992 )    $ (677 )    $ (62 ) 

Plus: Fixed charges

      408        464        556        693        569   
                                        

Earnings available to cover fixed charges

    $ 331      $ (879 )    $ (436 )    $ 16      $ 507   
                                        

Fixed charges (a) :

           

Interest, including amortization of deferred
financing costs

    $ 343      $ 402      $ 497      $ 632      $ 512   

Interest portion of rental payment

      65        62        59        61        57   
                                        

Total fixed charges

    $ 408      $ 464      $ 556        693      $ 569   
                                        

Ratio of earnings to fixed charges (b)

      -        -        -        -        -   
                                        

 

(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,
       2009        2008        2007        2006        2005  

Related to debt under vehicle programs

    $ 186    $ 266    $ 356    $ 361    $ 313

All other

      157      136      141      271      199
                                  
   $ 343    $ 402    $ 497    $ 632    $ 512
                                  

 

   Does not include interest expense from discontinued operations of $87 million and $163 million for the years ended December 31, 2006 and 2005, respectively.
(b) Earnings were not sufficient to cover fixed charges in 2009, 2008, 2007, 2006 and 2005.

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AVIS BUDGET GROUP, INC. Reports