Marriott International (MAR) 10-Q 2012 Q3 Quarterly report

Exhibit 12

MARRIOTT INTERNATIONAL, INC. (“Marriott”)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Thirty-Six Weeks Ended
($ in millions, except ratio)	September 7, 2012			September 9, 2011
Income before income taxes	$	578		$	154
Losses related to equity method investees	10			6
	588			160
Add/(deduct):
Fixed charges	177			197
Interest capitalized	(18		)	(14		)
Distributed income of equity method investees	5			5
Earnings available for fixed charges	$	752		$	348
Fixed charges:
Interest expensed and capitalized(1)	$	114		$	131
Estimate of interest within rent expense	63			66
Total fixed charges	$	177		$	197
Ratio of earnings to fixed charges	4.2			1.8

⁽¹⁾  “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.

Exhibit 12