Attached files

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10-Q - FORM 10-Q - Wyndham Destinations, Inc.y87418e10vq.htm
EX-15 - EX-15 - Wyndham Destinations, Inc.y87418exv15.htm
EX-32 - EX-32 - Wyndham Destinations, Inc.y87418exv32.htm
EX-31.1 - EX-31.1 - Wyndham Destinations, Inc.y87418exv31w1.htm
EX-31.2 - EX-31.2 - Wyndham Destinations, Inc.y87418exv31w2.htm
EXCEL - IDEA: XBRL DOCUMENT - Wyndham Destinations, Inc.Financial_Report.xls
Exhibit 12
 
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
 
                 
    Nine Months
 
    Ended September 30,  
    2010     2009 (b)  
 
Earnings available to cover fixed charges:
               
Income before income taxes
  $ 457     $ 375  
Less: Income from equity investees
    1       1  
                 
      456       374  
Plus: Fixed charges
    236       208  
Amortization of capitalized interest
    7       10  
Less: Capitalized interest
    4       8  
                 
Earnings available to cover fixed charges
  $ 695     $ 584  
                 
Fixed charges (a):
               
Interest
  $ 213     $ 181  
Capitalized interest
    4       8  
Interest portion of rental expense
    19       19  
                 
Total fixed charges
  $ 236     $ 208  
                 
Ratio of earnings to fixed charges
    2.94x       2.81x  
                 
 
 
(a) Consists of interest expense on all indebtedness (including costs related to the early extinguishment of debt and the amortization of deferred financing costs), capitalized interest and the portion of operating lease rental expense that is representative of the interest factor.
 
(b) Ratio computation has been amended to (i) exclude income from equity investees from the determination of earnings available to cover fixed charges and (ii) include capitalized interest within total fixed charges. Ratio was previously reported as 2.89x.
 
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