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

 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
940

 
$
916

 
$
845

 
$
683

 
$
628

Less: Income from equity investees
2

 
2

 
2

 
3

 

 
938

 
914

 
843

 
680

 
628

Plus: Fixed charges
238

 
228

 
217

 
240

 
253

Amortization of capitalized interest
6

 
5

 
4

 
3

 
6

Net (income)/loss attributable to noncontrolling interest
(1
)
 

 

 
(1
)
 
1

Less: Capitalized interest
5

 
7

 
6

 
5

 
5

Earnings available to cover fixed charges
$
1,176

 
$
1,140

 
$
1,058

 
$
917

 
$
883

Fixed charges (*):
 
 
 
 
 
 
 
 
 
Interest
$
211

 
$
199

 
$
184

 
$
209

 
$
222

Capitalized interest
5

 
7

 
6

 
5

 
5

Interest portion of rental expense
22

 
22

 
27

 
26

 
26

Total fixed charges
$
238

 
$
228

 
$
217

 
$
240

 
$
253

Ratio of earnings to fixed charges
4.94x

 
5.00x

 
4.88x

 
3.82x

 
3.49x

 
(*) 
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.