Attached files
file | filename |
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EX-32 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER & CHIEF FINANCIAL OFFICER - Travel & Leisure Co. | wyn-ex32_20161231x10k.htm |
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - Travel & Leisure Co. | wyn-ex312_20161231x10k.htm |
EX-31.1 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - Travel & Leisure Co. | wyn-ex311_20161231x10k.htm |
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Travel & Leisure Co. | wyn-ex231_20161231x10k.htm |
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - Travel & Leisure Co. | wyn-ex211_20161231x10k.htm |
EX-10.35 - TERNINATION AND RELEASE AGREEMENT WITH FRANZ S. HANNING - Travel & Leisure Co. | wyn-ex1035_20161231x10k.htm |
10-K - 10-K - Travel & Leisure Co. | wyn-20161231x10k.htm |
Exhibit 12
WYNDHAM WORLDWIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings available to cover fixed charges: | |||||||||||||||||||
Income before income taxes | $ | 940 | $ | 916 | $ | 845 | $ | 683 | $ | 628 | |||||||||
Less: Income from equity investees | 2 | 2 | 2 | 3 | — | ||||||||||||||
938 | 914 | 843 | 680 | 628 | |||||||||||||||
Plus: Fixed charges | 238 | 228 | 217 | 240 | 253 | ||||||||||||||
Amortization of capitalized interest | 6 | 5 | 4 | 3 | 6 | ||||||||||||||
Net (income)/loss attributable to noncontrolling interest | (1 | ) | — | — | (1 | ) | 1 | ||||||||||||
Less: Capitalized interest | 5 | 7 | 6 | 5 | 5 | ||||||||||||||
Earnings available to cover fixed charges | $ | 1,176 | $ | 1,140 | $ | 1,058 | $ | 917 | $ | 883 | |||||||||
Fixed charges (*): | |||||||||||||||||||
Interest | $ | 211 | $ | 199 | $ | 184 | $ | 209 | $ | 222 | |||||||||
Capitalized interest | 5 | 7 | 6 | 5 | 5 | ||||||||||||||
Interest portion of rental expense | 22 | 22 | 27 | 26 | 26 | ||||||||||||||
Total fixed charges | $ | 238 | $ | 228 | $ | 217 | $ | 240 | $ | 253 | |||||||||
Ratio of earnings to fixed charges | 4.94x | 5.00x | 4.88x | 3.82x | 3.49x |
(*) | 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. |