EX-12 2 exhibit12-12312016.htm EXHIBIT 12 Exhibit

 
 
 
 
 
 
 
Exhibit 12
 
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
279

 
$
382

 
$
392

 
$
97

 
$
300

Plus: Fixed charges
645

 
622

 
648

 
741

 
638

Earnings available to cover fixed charges
$
924

 
$
1,004

 
$
1,040

 
$
838

 
$
938

 
 
 
 
 
 
 
 
 
 
Fixed charges(a) :
 
 
 
 
 
 
 
 
 
Interest, including amortization of deferred financing costs
$
528

 
$
510

 
$
547

 
$
643

 
$
546

Interest portion of rental payment
117

 
112

 
101

 
98

 
92

Total fixed charges
$
645

 
$
622

 
$
648

 
$
741

 
$
638

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.43
x
 
1.61
x
 
1.60
x
 
1.13
x
 
1.47
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,
 
2016
 
2015
 
2014
 
2013
 
2012
Related to debt under vehicle programs
$
302

 
$
302

 
$
290

 
$
271

 
$
303

All other
226

 
208

 
257

 
372

 
243

 
$
528

 
$
510

 
$
547

 
$
643

 
$
546

 
 
 
 
 
 
 
 
 
 
 

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