EX-12 4 exhibit12car-20160930.htm EXHIBIT 12 Exhibit


Exhibit 12

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

 
Nine Months Ended 
 September 30,
 
2016
 
2015
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
322

 
$
378

Plus: Fixed charges
476

 
471

Earnings available to cover fixed charges
$
798

 
$
849

 
 
 
 
Fixed charges (a):
 
 
 
Interest, including amortization of deferred financing costs
$
388

 
$
387

Interest portion of rental payment
88

 
84

Total fixed charges
$
476

 
$
471

 
 
 
 
Ratio of earnings to fixed charges
1.68
x
 
1.80
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,
 
2016
 
2015
Related to debt under vehicle programs
$
229

 
$
227

All other
159

 
160

 
$
388

 
$
387