EX-12 4 dex12.txt EXHIBIT 12 Exhibit 12 MARRIOTT INTERNATIONAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ In millions, except ratio) Thirty-six weeks ended September 7, 2001 ----------------- Income before income taxes................................ 555 Loss/(income) related to equity method investees.......... 2 --- 557 Add/(deduct): Fixed charges........................................... 162 Interest capitalized.................................... (41) Distributed income of equity method investees........... 3 ---- Earnings available for fixed charges...................... $681 ==== Fixed charges: Interest expensed and capitalized(1).................... $116 Estimate of the interest within rent expense............ 46 ---- Total fixed charges....................................... $162 ==== ---- Ratio of earnings to fixed charges........................ 4.2 ==== (1) "Interest expensed and capitalized" includes amortized premiums, discounts and capitalized expenses related to indebtedness.