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behavior, closure, diversity, larger, magnitude, office, point, proportionally, transition
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Filing exhibits
- 10-Q Quarterly report
- 10.1 Seventh Amendment, Dated August 23, 2016, Indenture and Servicing Agreement
- 12 Computation of Ratio of Earnings to Fixed Charges
- 15 Letter Re: Unaudited Interim Financial Information
- 31.1 Certification of Chairman and Chief Executive Officer
- 31.2 Certification of Chief Financial Officer
- 32 Certification of Chairman and Chief Executive Officer and Chief Financial Office
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Exhibit 12
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Earnings available to cover fixed charges: | |||||||
Income before income taxes | $ | 715 | $ | 736 | |||
Less: Income from equity investees | 1 | 1 | |||||
714 | 735 | ||||||
Plus: Fixed charges | 177 | 166 | |||||
Amortization of capitalized interest | 4 | 3 | |||||
Less: Capitalized interest | 4 | 5 | |||||
Earnings available to cover fixed charges | $ | 891 | $ | 899 | |||
Fixed charges (*): | |||||||
Interest | $ | 157 | $ | 144 | |||
Capitalized interest | 4 | 5 | |||||
Interest portion of rental expense | 16 | 17 | |||||
Total fixed charges | $ | 177 | $ | 166 | |||
Ratio of earnings to fixed charges | 5.03x | 5.42x |
(*) | 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. |
* * *