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H.S. junior V good
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Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio) | 93 Days Ended March 31, 2013 | 84 Days Ended March 23, 2012 | ||||||
Income before income taxes | $ | 201 | $ | 147 | ||||
Losses related to equity method investees | — | 1 | ||||||
201 | 148 | |||||||
Add/(deduct): | ||||||||
Fixed charges | 58 | 59 | ||||||
Interest capitalized | (9 | ) | (5 | ) | ||||
Distributed income of equity method investees | 2 | 2 | ||||||
Earnings available for fixed charges | $ | 252 | $ | 204 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 40 | $ | 38 | ||||
Estimate of interest within rent expense | 18 | 21 | ||||||
Total fixed charges | $ | 58 | $ | 59 | ||||
Ratio of earnings to fixed charges | 4.3 | 3.5 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12