WYNDHAM WORLDWIDE CORPORATION

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WYNDHAM WORLDWIDE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions) 2010 2009 (a) 2008 (a) Year Ended December 31, 2007 (a) Exhibit 12 2006 (a) Earnings available to cover fixed charges: Income/(loss) before income taxes and cumulative effect of accounting change . ................................. $ 563 $ 493 $(887) $ 655 $ 542 Less: Income/(loss) from equity investees ................... 1 1 4 (1) — 562 492 (891) 656 542 Plus: Fixed charges . . ................................. 305 290 263 232 175 Amortization of capitalized interest .................... 9 12 22 18 8 Less: Capitalized interest ............................... 7 12 21 23 16 Earnings available to cover fixed charges ................... Fixed charges $ 869 $ 782 $(627) $ 883 $ 709 (b) : Interest ............................................ $ 272 $ 253 $211 $ 183 $ 137 Capitalized interest. . . ................................. 7 12 21 23 16 Interest portion of rental payments ........................ 26 25 31 26 22 Total fixed charges. . . ................................. $ 305 $ 290 $263 $ 232 $ 175 Ratio of earnings to fixed charges ........................ 2.85x 2.70x — (c) 3.81x 4.05x (a) (b) (c) 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. For the years ended December 31, 2009, 2007 and 2006, ratio was previously reported as 2.78x, 4.11x and 4.36x, respectively. For the year ended December 31, 2008, the Company previously reported that it was deficient to cover fixed charges by $884 million. 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. The Company was deficient to cover fixed charges by $890 million.
Name WYNDHAM WORLDWIDE CORPORATION SUBSIDIARIES OF THE REGISTRANT Jurisdiction of Organization Parent Line of Business Operating in the United States Exhibit 21.1 Wholly Owned Direct or Indirect Subsidiaries Carrying on the Same Line of Business as Named Subsidiary Operating in Foreign Countries Wyndham Worldwide Corporation (“WWC”) Delaware — Wyndham Hotel Group, LLC Delaware WWC Lodging 44 16 Wyndham Exchange and Rentals, Inc. (“WER”) Delaware WWC Exchange/Rentals 35 96 RCI General Holdco 2, Inc. Delaware WER Exchange/Rentals 9 12 RCI, LLC Delaware RCI General Holdco 2, Inc (99%) (a) Exchange/Rentals 10 — EMEA Holdings C.V. Netherlands WER (50%) (b) Exchange/Rentals — 56 Wyndham Vacation Ownership, Inc. (“WVO”) Delaware WWC Vacation Ownership 19 1 Wyndham Vacation Resorts, Inc. (“WVR”) Delaware WVO Vacation Ownership 53 2 Wyndham Consumer Finance, Inc. Delaware WVR Vacation Ownership 24 — Wyndham Resort Development Corporation Oregon WVO Vacation Ownership 4 12 (a) (b) Wyndham Exchange and Rentals, Inc. (1%) Wyndham Exchange and Rentals Subsidiary, LLC (50%) The names of consolidated, wholly-owned subsidiaries of the Registrant carrying on the same lines of business as the subsidiaries named above have been omitted. The number of such omitted subsidiaries operating in the U.S. and in foreign countries are presented in the table above. Also omitted from the list are the names of subsidiaries that, if considered in the aggregate as a single subsidiary, would not constitute a “significant subsidiary” as defined in SEC Regulation S-X.
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UNITED STATES SECURITIES AND EXCHAN
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PART I FORWARD LOOKING STATEMENTS T
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Our portfolio of well-known hospita
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The following table sets forth the
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free access to a gym facility and t
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as annual budget preparation, finan
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Our field services team, strategica
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Competition Competition is robust a
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we offer property owners marketing
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Internet Given the increasing inter
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According to information compiled b
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Owners who participate in Club Wynd
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Purchaser Financing Wyndham Vacatio
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EMPLOYEES As of December 31, 2010,
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that we will be able to achieve the
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Our inability to adequately protect
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2014; Atlanta, Georgia expiring in
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Stock Performance Graph The Stock P
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(f) (g) (h) (i) (j) (k) (l) (m) (n)
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We enter into agreements to franchi
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eal estate inventory costs incurred
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Year Ended December 31, 2010 vs. Ye
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Arrangements), (ii) $16 million of
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at our U.K. and France destinations
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In addition, EBITDA was negatively
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OPERATING STATISTICS The following
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k $29 million of losses from foreig
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and $9 million of lower volume-rela
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k $25 million of increased costs re
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k a $49 million increase in franchi
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Operating Activities During 2010, n
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Capital Deployment We are focusing
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Capacity As of December 31, 2010, a
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We believe that our bank conduit fa
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on the matter. As a result of settl
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was approximately $373 million as o
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performance for a five-year period.
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cash flow model in determining the
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Cendant’s Vacation Network Group
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SIGNATURES Pursuant to the requirem
Page 81 and 82: REPORT OF INDEPENDENT REGISTERED PU
Page 83 and 84: WYNDHAM WORLDWIDE CORPORATION CONSO
Page 85 and 86: WYNDHAM WORLDWIDE CORPORATION CONSO
Page 87 and 88: The Company’s franchise agreement
Page 89 and 90: manages paid Wyndham Exchange & Ren
Page 91 and 92: expenses amounted to $48 million, $
Page 93 and 94: average exchange rates during the p
Page 95 and 96: integrated the operations of its ac
Page 97 and 98: (3) Adjusting the carrying value of
Page 99 and 100: 7. Income Taxes The income tax prov
Page 101 and 102: The following table summarizes the
Page 103 and 104: Credit Quality for Financed Receiva
Page 105 and 106: 10. Property and Equipment, net Pro
Page 107 and 108: measurement date and a maximum cons
Page 109 and 110: As of December 31, 2010, the Compan
Page 111 and 112: Vacation Rental Capital Leases. The
Page 113 and 114: The following table presents additi
Page 115 and 116: Consolidated Statement of Operation
Page 117 and 118: capacity and the Company’s corpor
Page 119 and 120: shareholders and further amended as
Page 121 and 122: comprehensive income on the Consoli
Page 123 and 124: Total restructuring costs by segmen
Page 125 and 126: and Avis Budget Group to satisfy th
Page 127 and 128: (a) (b) (c) (d) (e) (f) (g) (h) (i)
Page 129 and 130: 10.4 Employment Agreement with Fran
Page 131: 14.1 101.INS XBRL Instance document
Page 135 and 136: Exhibit 23.1 CONSENT OF INDEPENDENT
Page 137 and 138: CERTIFICATION Exhibit 31.2 I, Thoma
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WYNDHAM WORLDWIDE CORPORATION

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