Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - Travel & Leisure Co. | y87418e10vq.htm |
| EX-15 - EX-15 - Travel & Leisure Co. | y87418exv15.htm |
| EX-32 - EX-32 - Travel & Leisure Co. | y87418exv32.htm |
| EX-31.1 - EX-31.1 - Travel & Leisure Co. | y87418exv31w1.htm |
| EX-31.2 - EX-31.2 - Travel & Leisure Co. | y87418exv31w2.htm |
| EXCEL - IDEA: XBRL DOCUMENT - Travel & Leisure Co. | Financial_Report.xls |
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)
|
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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