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EXHIBIT 12.2
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
PROGRAM FOR ANNUAL CLOSING OF ACCOUNTS
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EXHIBIT 12.2
STARWOOD HOTELS & RESORTS
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(DOLLARS IN MILLIONS)
PERIOD
YEAR ENDED FROM FEB 23, SIX MONTHS
DECEMBER 31, TO DECEMBER 31, ENDED JUNE 30,
------------------- --------------- -------------------
2000 1999 1998 2001 2000
---- ---- ---- ---- ----
Earnings:
Income from continuing operations ............... 460 $423 $412 $207 227
Add:
Adjustment for distributions in excess
of equity earnings and losses (a) .......... 3 1 5 2 2
Provision for income taxes .................. 1 2 1 1 --
Minority equity in net income ............... 3 2 10 1 1
Amortization of interest capitalized ........ 1 -- -- -- --
---- ---- ---- ---- ----
468 428 428 211 230
---- ---- ---- ---- ----
Fixed Charges:
Interest and other financial charges ........ 39 47 26 19 19
Interest factor attributable to rentals (b) . -- -- -- -- --
---- ---- ---- ---- ----
39 47 26 19 19
---- ---- ---- ---- ----
Earnings, as adjusted, from continuing operations 507 $475 $454 $230 $249
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Fixed Charges:
Fixed charges above ......................... 39 $ 47 $ 26 19 19
Interest capitalized ........................ 2 7 7 1 1
---- ---- ---- ---- ----
Total fixed charges ......................... 41 $ 54 $ 33 20 20
==== ==== ==== ==== ====
Ratio:
Earnings, as adjusted, from continuing
operations to fixed charges ................ 12.37 8.80 13.76 11.50 12.45
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Notes:
(a) The adjustment represents distributions in excess of undistributed earnings
and losses of companies in which at least 20% but less than 50% equity is
owned.
(b) As the entities owned by the Trust only lease fixed assets, they do not
enter into any operational leases.