Form: S-3ASR

Automatic shelf registration statement of securities of well-known seasoned issuers

November 25, 2008

Documents

Exhibit 12.1
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
                                                 
    Nine        
    Months        
    Ended        
    September 30,     Year Ended December 31,  
    2008     2007     2006     2005     2004     2003  
Earnings available to cover fixed charges:
                                                
Income before income taxes, minority interest and cumulative effect of accounting change
   $ 457     $ 655     $ 542     $ 626     $ 587     $ 500  
Plus: Fixed charges
     175       209       159       93       86       30  
Amortization of capitalized interest
     16       18       8       5       6       4  
Less: Minority interest in pre-tax income of
subsidiaries that have not incurred fixed charges (a)
     —       —       —       —       —       25  
Capitalized interest
     15       23       16       7       5       7  
 
                                    
Earnings available to cover fixed charges
   $ 633     $ 859     $ 693     $ 717     $ 674     $ 502  
 
                                    
 
                                                
Fixed charges (b):
                                               
Interest, including amortization of deferred financing costs
   $ 152     $ 183     $ 137     $ 75     $ 70     $ 16  
Interest portion of rental expense
     23       26       22       18       16       14  
 
                                    
Total fixed charges
   $ 175     $ 209     $ 159     $ 93     $ 86     $ 30  
 
                                    
 
                                                
Ratio of earnings to fixed charges
     3.62x       4.11x       4.36x       7.71x       7.84x       16.73x  
 
                                    
 
(a)   Includes minority expense related to Wyndham Worldwide Corporation’s venture with Marriott International, Inc.
 
(b)   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.