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

 
Nine Months Ended September 30,
 
2017
 
2016
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
596

 
$
715

Less: Income from equity investees
1

 
1

 
595

 
714

Plus: Fixed charges
192

 
177

Amortization of capitalized interest
5

 
4

Less: Capitalized interest
2

 
4

Earnings available to cover fixed charges
$
790

 
$
891

Fixed charges (*):
 
 
 
Interest
$
169

 
$
157

Capitalized interest
2

 
4

Interest portion of rental expense
21

 
16

Total fixed charges
$
192

 
$
177

Ratio of earnings to fixed charges
4.11x

 
5.03x

 
(*)  
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.

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