Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Thirty-Six Weeks Ended | ||||||||
($ in millions, except ratio) | September 10, 2010 | September 11, 2009 | ||||||
Income (loss) before income taxes | $ | 441 | $ | (592 | ) | |||
Losses related to equity method investees | 20 | 50 | ||||||
461 | (542 | ) | ||||||
Add/(deduct): | ||||||||
Fixed charges | 210 | 182 | ||||||
Interest capitalized | (11 | ) | (24 | ) | ||||
Distributed income of equity method investees | 3 | 6 | ||||||
Net losses attributable to noncontrolling interests | 0 | 11 | ||||||
Earnings (losses) attributable to Marriott available for fixed charges | $ | 663 | $ | (367 | ) | |||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 141 | $ | 108 | ||||
Estimate of interest within rent expense | 69 | 74 | ||||||
Total fixed charges | $ | 210 | $ | 182 | ||||
Ratio of earnings (losses) attributable to Marriott to fixed charges(2) | 3.2 | — |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
(2) | For the thirty-six weeks ended September 11, 2009, earnings were inadequate to cover fixed charges by approximately $549 million. |
Exhibit 12