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Exhibit 12
Avis Group Holdings, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| | | Predecessor Companies | |||||||
---|---|---|---|---|---|---|---|---|---|---|
| | March 1, 2001 (Date of Acquisition) to June 30, 2001 | ||||||||
| Six Months Ended June 30, 2002 | Two Months Ended February 28, 2001 | ||||||||
Earnings available to cover fixed charges: | ||||||||||
Income (loss) before income taxes | $ | 35,175 | $ | 40,246 | $ | (42,237 | ) | |||
Plus: Fixed charges | 145,948 | 111,347 | 59,419 | |||||||
Less: Capitalization of interest | 5 | 18 | 4 | |||||||
Earnings available to cover fixed charges | $ | 181,118 | $ | 151,575 | $ | 17,178 | ||||
Fixed charges:(a) | ||||||||||
Interest, including amortization of deferred financing costs | $ | 125,151 | $ | 97,356 | $ | 52,134 | ||||
Interest portion of rental payment | 20,797 | 13,991 | 7,285 | |||||||
Total fixed charges | $ | 145,948 | $ | 111,347 | $ | 59,419 | ||||
Ratio of earnings to fixed charges | $ | 1.24x | $ | 1.36x | $ | 0.29x | ||||
- (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.
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Avis Group Holdings, Inc. and Subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands)