Marriott International (MAR) 10-Q 2004 Q2 Quarterly report

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

($ in millions, except ratio)	Twenty-Four Weeks Ended
	June 18, 2004			June 20, 2003
Income from continuing operations before income taxes and minority interest(1)	$	311		$	157
Loss (income) related to equity method investees		29			(2	)
		340			155
Add/(deduct):
Fixed charges		78			85
Interest capitalized		(7	)		(12	)
Distributed income of equity method investees		2			16
Minority interest		14			—
Earnings available for fixed charges	$	427		$	244
Fixed charges:
Interest expensed and capitalized(2)	$	53		$	63
Estimate of interest within rent expense		25			22
Total fixed charges	$	78		$	85
Ratio of earnings to fixed charges		5.5			2.9

⁽¹⁾ Reflected in income from continuing operations before income taxes and minority interest are the following items associated with the synthetic fuel operation: equity in losses of $28 million, and a loss of $21 million for the twenty-four weeks ended June 18, 2004; and a loss of $101 million for the twenty-four weeks ended June 20, 2003.

⁽²⁾ “Interest expensed and capitalized” includes amortized premiums, discounts and capitalized expenses related to indebtedness.

Exhibit 12

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