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

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
916

 
$
845

 
$
683

 
$
628

 
$
650

Less: Income from equity investees
2

 
2

 
3

 

 
3

 
914

 
843

 
680

 
628

 
647

Plus: Fixed charges
228

 
217

 
240

 
253

 
267

Amortization of capitalized interest
5

 
4

 
3

 
6

 
5

Net (income)/loss attributable to noncontrolling interest

 

 
(1
)
 
1

 

Less: Capitalized interest
7

 
6

 
5

 
5

 
10

Earnings available to cover fixed charges
$
1,140

 
$
1,058

 
$
917

 
$
883

 
$
909

Fixed charges (*):
 
 
 
 
 
 
 
 
 
Interest
$
199

 
$
184

 
$
209

 
$
222

 
$
232

Capitalized interest
7

 
6

 
5

 
5

 
10

Interest portion of rental expense
22

 
27

 
26

 
26

 
25

Total fixed charges
$
228

 
$
217

 
$
240

 
$
253

 
$
267

Ratio of earnings to fixed charges
5.00x

 
4.88x

 
3.82x

 
3.49x

 
3.40x

 
(*) 
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.