Travel & Leisure Co. - FORM 10-Q - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - October 25, 2017

Attached files

file	filename
10-Q - FORM 10-Q - Travel & Leisure Co.	wyn-2017930x10q.htm
EX-32 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICE - Travel & Leisure Co.	wyn-ex32_2017930xq3.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - Travel & Leisure Co.	wyn-ex312_2017930xq3.htm
EX-31.1 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - Travel & Leisure Co.	wyn-ex311_2017930xq3.htm
EX-15 - LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION - Travel & Leisure Co.	wyn-ex15_2017930xq3.htm
EX-10.4 - AMENDMENT NO. 1 TO WYNDHAM WORLDWIDE CORPORATION 2006 EQUITY AND INCENTIVE PLAN - Travel & Leisure Co.	wyn-ex104_2017930xq3.htm
EX-10.3 - AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT WITH GAIL MANDEL - Travel & Leisure Co.	wyn-ex103_2017930xq3.htm
EX-10.2 - EMPLOYMENT AGREEMENT WITH DAVID B. WYSHNER, DATED AS OF AUGUST 1, 2017 - Travel & Leisure Co.	wyn-ex102_2017930xq3.htm
EX-10.1 - AMENDMENT NO. 6 TO EMPLOYMENT AGREEMENT WITH STEPHEN P. HOLMES - Travel & Leisure Co.	wyn-ex101_2017930xq3.htm

Exhibit 12

WYNDHAM WORLDWIDE CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)



	Nine Months Ended September 30,
	2017				2016
Earnings available to cover fixed charges:
Income before income taxes	$	596			$	715
Less: Income from equity investees	1				1
	595				714
Plus: Fixed charges	192				177
Amortization of capitalized interest	5				4
Less: Capitalized interest	2				4
Earnings available to cover fixed charges	$	790			$	891
Fixed charges ^(*):
Interest	$	169			$	157
Capitalized interest	2				4
Interest portion of rental expense	21				16
Total fixed charges	$	192			$	177
Ratio of earnings to fixed charges	4.11x				5.03x


^(*)	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.

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