Exhibit 12
HILTON HOTELS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in millions) (unaudited)
Years Ended December 31,
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1996 1995 1994 1993 1992
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Income before income taxes
and minority interest (1) $235 $262 $184 $156 $157
Add:
Interest expense (1) 96 114 95 90 74
Distributions from less than 50% owned 18 13 12 6 5
Interest component of rent expense (1) 4 4 3 3 3
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Earnings available for fixed charges $353 $393 $294 $255 $239
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Fixed charges:
Interest expense (1) $96 $114 $95 $90 $74
Capitalized interest 7 3 8 2 5
Interest component of rent expense (1) 4 4 3 3 3
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Total fixed charges $107 $121 $106 $95 $82
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Ratio of earnings to fixed charges 3.3x 3.2x 2.8x 2.7x 2.9x
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(1) Includes 50% owned companies.