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Previous: CENDANT CORP, 10-Q, 2000-07-28 |
Next: CENDANT CORP, 10-Q, EX-27, 2000-07-28 |
<PAGE>
EXHIBIT 12
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 2000
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EARNINGS BEFORE FIXED CHARGES:
<S> <C>
Income before income taxes and minority interest $ 515
Plus: Fixed charges 226
Less: Equity income in unconsolidated affiliates 6
Minority interest 60
------
Earnings available to cover fixed charges $ 675
======
FIXED CHARGES (1):
Interest, including amortization of deferred
financing costs $ 136
Minority interest 60
Interest portion of rental payment 30
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Total fixed charges $ 226
======
RATIO OF EARNINGS TO FIXED CHARGES (2) 2.99x
======
</TABLE>
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(1) Fixed charges include 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 (deemed to be
one-third of operating lease rentals).
(2) Income before income taxes and minority interest includes other charges of
$83 million. Excluding such charges, the ratio of earnings to fixed charges
is 3.35x.
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