Travel & Leisure Co. - FORM 10-Q - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - May 2, 2018

Attached files

file	filename
EX-10.5 - EIGHT AMENDMENT, DATED AS OF APRIL 6, 2018, TO THE AMENDED AND RESTATED INDENTUR - Travel & Leisure Co.	wyn-ex105_2018331xq1.htm
EX-32 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICE - Travel & Leisure Co.	wyn-ex32_2018331xq1.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - Travel & Leisure Co.	wyn-ex312_2018331xq1.htm
EX-31.1 - CERTIFICATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - Travel & Leisure Co.	wyn-ex311_2018331xq1.htm
EX-15 - LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION - Travel & Leisure Co.	wyn-ex15_2018331xq1.htm
EX-10.4 - FOURTH AMENDMENT, DATED MARCH 28, 2018, TO VREDIT AGREEMENT - Travel & Leisure Co.	wyn-ex104_2018331xq1.htm
EX-10.3 - SECOND AMENDMENT, DATED MARCH 28, 2018 TO CREDIT AGREEMENT - Travel & Leisure Co.	wyn-ex103_2018331xq1.htm
EX-10.2 - FIRST AMENDMENT, DATED MARCH 28, 2018, TO CREDIT AGREEMENT - Travel & Leisure Co.	wyn-ex102_2018331xq1.htm
EX-10.1 - SHARE SALE AGREEMENT, DATED AS OF MARCH 27, 2018 - Travel & Leisure Co.	wyn-ex101_2018331xq1.htm
10-Q - FORM 10-Q - Travel & Leisure Co.	wyn-2018331x10q.htm

Exhibit 12

WYNDHAM WORLDWIDE CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)



	Three Months Ended March 31,
	2018				2017
Earnings available to cover fixed charges:
Income before income taxes	$	121			$	153
Less: Income from equity investees	1				1
	120				152
Plus: Fixed charges	68				57
Amortization of capitalized interest	1				2
Less: Capitalized interest	—				1
Earnings available to cover fixed charges	$	189			$	210
Fixed charges ^(*):
Interest	$	64			$	52
Capitalized interest	—				1
Interest portion of rental expense	4				4
Total fixed charges	$	68			$	57
Ratio of earnings to fixed charges	2.78x				3.68x


^(*)	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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