EX-12 3 y92657exv12.htm EX-12 exv12
Exhibit 12
 
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
 
                 
    Nine Months Ended September 30,  
    2011     2010  
 
Earnings available to cover fixed charges:
               
Income before income taxes
  $           583     $           457  
Less: Income from equity investees
    (2 )     (1 )
                 
      581       456  
Plus: Fixed charges
    210       236  
Amortization of capitalized interest
    4       7  
Less: Capitalized interest
    (9 )     (4 )
                 
Earnings available to cover fixed charges
  $ 786     $ 695  
                 
Fixed charges (*):
               
Interest
  $ 182     $ 213  
Capitalized interest
    9       4  
Interest portion of rental expense
    19       19  
                 
Total fixed charges
  $ 210     $ 236  
                 
Ratio of earnings to fixed charges
    3.74x       2.94x  
                 
 
 
(*) Consists of interest expense on all indebtedness (including costs related to the early extinguishment of debt and the amortization of deferred financing costs), capitalized interest and the portion of operating lease rental expense that is representative of the interest factor.
 
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