EX-12 3 wyn-ex12_2014930xq3.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES WYN-EX12_2014.9.30-Q3


Exhibit 12
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

 
Nine Months Ended September 30,
 
2014
 
2013
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
714

 
$
548

Less: Income from equity investees
1

 
2

 
713

 
546

Plus: Fixed charges
161

 
180

Amortization of capitalized interest
3

 
2

Less: Capitalized interest
4

 
3

Net income attributable to noncontrolling interest
1

 
1

Earnings available to cover fixed charges
$
872

 
$
724

Fixed charges (a):
 
 
 
Interest
$
136

 
$
157

Capitalized interest
4

 
3

Interest portion of rental expense
21

 
20

Total fixed charges
$
161

 
$
180

Ratio of earnings to fixed charges
5.42x

 
4.02x

 
(a) 
Consists of interest expense on all indebtedness (including costs related to 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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