STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
PROGRAM FOR ANNUAL CLOSING OF ACCOUNTS
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EXHIBIT 12.2
EXHIBIT 12.2
STARWOOD HOTELS & RESORTS
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(DOLLARS IN MILLIONS)
PERIOD FROM FEB 23,
MARCH 31, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
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2002 2001 2000 1999 1998
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Earnings:
Income from continuing operations ............... $ 87 376 460 $423 $412
Add:
Adjustment for distributions in excess of
equity earnings and losses ................ (1) 1 3 1 5
Provision for income taxes .................. 1 4 1 2 1
Minority equity in net income ............... -- 1 3 2 10
Amortization of interest capitalized ........ -- 1 1 -- --
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87 383 468 428 428
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Fixed Charges:
Interest and other financial charges ........ 9 37 39 47 26
Interest factor attributable to rentals ..... 2 9 -- -- --
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11 46 39 47 26
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Earnings, as adjusted, from continuing operations $ 98 $429 507 $475 $454
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Fixed Charges:
Fixed charges above ......................... 11 46 39 $ 47 $ 26
Interest capitalized ........................ -- 1 2 7 7
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Total fixed charges ......................... 11 47 41 $ 54 $ 33
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Ratio:
Earnings, as adjusted, from continuing
operations to fixed charges ............... 8.91 9.13 12.37 8.80 13.76
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