Attached files

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10-Q - 10-Q - AVIS BUDGET GROUP, INC.car-20160630x10q.htm
EX-32 - EXHIBIT 32 - AVIS BUDGET GROUP, INC.exhibit32car-20160630.htm
EX-31.2 - EXHIBIT 31.2 - AVIS BUDGET GROUP, INC.exhibit312car-20160630.htm
EX-31.1 - EXHIBIT 31.1 - AVIS BUDGET GROUP, INC.exhibit311car-20160630.htm


Exhibit 12

Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

 
Six Months Ended 
 June 30,
 
2016
 
2015
Earnings available to cover fixed charges:
 
 
 
Income (loss) from continuing operations before income taxes
$
(23
)
 
$
66

Plus: Fixed charges
318

 
316

Earnings available to cover fixed charges
$
295

 
$
382

 
 
 
 
Fixed charges (a):
 
 
 
Interest, including amortization of deferred financing costs
$
260

 
$
261

Interest portion of rental payment
58

 
55

Total fixed charges
$
318

 
$
316

 
 
 
 
Ratio of earnings to fixed charges (b)

 
1.21
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:
 
Six Months Ended 
 June 30,
 
2016
 
2015
Related to debt under vehicle programs
$
150

 
$
149

All other
110

 
112

 
$
260

 
$
261

(b) Earnings were not sufficient to cover fixed charges for the six months ended June 30, 2016 by $23 million.