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

 
Three Months Ended March 31,
 
2014
 
2013
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
149

 
$
41

Less: Income from equity investees
1

 

 
148

 
41

Plus: Fixed charges
52

 
60

Amortization of capitalized interest
1

 
1

Less: Capitalized interest
1

 
1

Earnings available to cover fixed charges
$
200

 
$
101

Fixed charges (a):
 
 
 
Interest
$
44

 
$
53

Capitalized interest
1

 
1

Interest portion of rental expense
7

 
6

Total fixed charges
$
52

 
$
60

Ratio of earnings to fixed charges
3.85x

 
1.68x

 
(a) 
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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