Attached files
| file | filename |
|---|---|
| EX-31.1 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - Travel & Leisure Co. | wyn-ex311_2016630xq2.htm |
| 10-Q - 10-Q - Travel & Leisure Co. | wyn-2016630x10q.htm |
| EX-32 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICE - Travel & Leisure Co. | wyn-ex32_2016630xq2.htm |
| EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - Travel & Leisure Co. | wyn-ex312_2016630xq2.htm |
| EX-15 - LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION - Travel & Leisure Co. | wyn-ex15_2016630xq2.htm |
Exhibit 12
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Earnings available to cover fixed charges: | |||||||
Income before income taxes | $ | 407 | $ | 444 | |||
Less: Income from equity investees | 1 | 1 | |||||
406 | 443 | ||||||
Plus: Fixed charges | 118 | 109 | |||||
Amortization of capitalized interest | 3 | 2 | |||||
Less: Capitalized interest | 3 | 4 | |||||
Earnings available to cover fixed charges | $ | 524 | $ | 550 | |||
Fixed charges (*): | |||||||
Interest | $ | 104 | $ | 92 | |||
Capitalized interest | 3 | 4 | |||||
Interest portion of rental expense | 11 | 13 | |||||
Total fixed charges | $ | 118 | $ | 109 | |||
Ratio of earnings to fixed charges | 4.44x | 5.05x | |||||
(*) | 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. |
* * *