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H.S. sophomore Avg
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EXHIBIT 12.1
HILTON GRAND VACATIONS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio amounts)
| Year Ended December 31, |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Earnings: |
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Income (loss) before taxes | $ | 311 |
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| $ | 293 |
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| $ | 292 |
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| $ | 280 |
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| $ | 218 |
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Add: |
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Fixed charges |
| 25 |
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| 29 |
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| 28 |
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| 32 |
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| 47 |
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Interest capitalized |
| - |
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| (2 | ) |
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| (1 | ) |
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| - |
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| (2 | ) |
Earnings available for fixed charges | $ | 336 |
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| $ | 320 |
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| $ | 319 |
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| $ | 312 |
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| $ | 263 |
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Fixed Charges: |
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Allocated Parent interest expense (1) | $ | - |
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| $ | 24 |
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| $ | 27 |
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| $ | 32 |
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| $ | 45 |
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Interest expense (1) |
| 25 |
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| 3 |
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| - |
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| - |
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| - |
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Interest capitalized |
| - |
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| 2 |
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| 1 |
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| - |
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| 2 |
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Total Fixed Charges | $ | 25 |
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| $ | 29 |
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| $ | 28 |
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| $ | 32 |
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| $ | 47 |
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Ratio of Earnings to Fixed Charges |
| 13.4 |
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| 11.0 |
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| 11.4 |
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| 9.8 |
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| 5.6 |
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(1) Includes amortization of capitalized expenses related to indebtedness. |
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