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

 
Nine Months Ended September 30,
 
2015
 
2014
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
736

 
$
714

Less: Income from equity investees
1

 
1

 
735

 
713

Plus: Fixed charges
166

 
161

Amortization of capitalized interest
3

 
3

Less: Capitalized interest
5

 
4

Net income attributable to noncontrolling interest
$

 
$
1

Earnings available to cover fixed charges
$
899

 
$
872

Fixed charges: (*)
 
 
 
Interest
$
144

 
$
136

Capitalized interest
5

 
4

Interest portion of rental expense
17

 
21

Total fixed charges
$
166

 
$
161

Ratio of earnings to fixed charges
5.42x

 
5.42x

 
(*)  
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.

* * *