STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
PROGRAM FOR ANNUAL CLOSING OF ACCOUNTS
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EXHIBIT 12.1
EXHIBIT 12.1
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
STARWOOD HOTELS & RESORTS
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(DOLLARS IN MILLIONS)
MARCH 31 YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998 1997
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Earnings:
Income from continuing operations ............... 32 151 401 $ (638) $ 220 $(233)
Add:
Adjustment for distributions in excess of
equity earnings and losses ................ (9) (13) (14) (30) (8) (3)
Provision for income taxes .................. 13 46 201 1,076 (89) 154
Minority equity in net income ............... (1) 3 8 95 14 9
Amortization of interest capitalized ........ -- 1 1 1 4 2
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35 188 597 504 141 (71)
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Fixed Charges:
Interest and other financial charges ........ 84 394 457 516 473 33
Interest factor attributable to rentals ..... 6 25 21 14 12 10
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90 419 478 530 485 43
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Earnings, as adjusted, from continuing operations 125 607 1,075 $ 1,034 $ 626 $ (28)
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Fixed Charges:
Fixed charges above ......................... 90 419 478 $ 530 $ 485 $ 43
Interest capitalized ........................ -- 7 3 8 14 7
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Total fixed charges ......................... 90 426 481 $ 538 $ 499 $ 50
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Ratio:
Earnings, as adjusted, from continuing
operations to fixed charges ............... 1.39 1.42 2.23 1.92 1.25 (a)
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(a) Earnings to fixed charges were insufficient by $78 million in 1997.