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

 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
845

 
$
683

 
$
628

 
$
650

 
$
563

Less: Income from equity investees
2

 
3

 

 
3

 
1

 
843

 
680

 
628

 
647

 
562

Plus: Fixed charges
217

 
240

 
253

 
267

 
275

Amortization of capitalized interest
4

 
3

 
6

 
5

 
9

Net (income)/loss attributable to noncontrolling interest

 
(1
)
 
1

 

 

Less: Capitalized interest
6

 
5

 
5

 
10

 
7

Earnings available to cover fixed charges
$
1,058

 
$
917

 
$
883

 
$
909

 
$
839

Fixed charges (*):
 
 
 
 
 
 
 
 
 
Interest
$
184

 
$
209

 
$
222

 
$
232

 
$
242

Capitalized interest
6

 
5

 
5

 
10

 
7

Interest portion of rental expense
27

 
26

 
26

 
25

 
26

Total fixed charges
$
217

 
$
240

 
$
253

 
$
267

 
$
275

Ratio of earnings to fixed charges
4.88x

 
3.82x

 
3.49x

 
3.40x

 
3.05x

 
(*) 
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.