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Exhibit 12
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| Three Months Ended March 31, | ||||||||
| 2009 | 2008 | |||||||
Earnings available to cover fixed charges: | ||||||||
| Income before income taxes | $ | 74 | $ | 70 | ||||
| Plus: Fixed charges | 58 | 60 | ||||||
| Amortization of capitalized interest | 3 | 5 | ||||||
| Less: Capitalized interest | 3 | 4 | ||||||
| Earnings available to cover fixed charges | $ | 132 | $ | 131 | ||||
Fixed charges(*): | ||||||||
| Interest, including amortization of deferred financing costs | $ | 51 | $ | 52 | ||||
| Interest portion of rental expense | 7 | 8 | ||||||
| Total fixed charges | $ | 58 | $ | 60 | ||||
| Ratio of earnings to fixed charges | 2.28x | 2.18x | ||||||
| (*) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. |
* * *