Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Twenty-Four Weeks Ended | ||||||||
| ($ in millions, except ratio) | June 15, 2007 | June 16, 2006 | ||||||
| Income from continuing operations before income taxes and minority interest (1) |
$ | 445 | $ | 491 | ||||
| Income related to equity method investees |
(1 | ) | (3 | ) | ||||
| 444 | 488 | |||||||
| Add/(deduct): |
||||||||
| Fixed charges |
149 | 106 | ||||||
| Interest capitalized |
(20 | ) | (12 | ) | ||||
| Distributed income of equity method investees |
11 | 9 | ||||||
| Minority interest in pre-tax loss |
— | 6 | ||||||
| Earnings available for fixed charges |
$ | 584 | $ | 597 | ||||
| Fixed charges: |
||||||||
| Interest expensed and capitalized (2) |
$ | 105 | $ | 69 | ||||
| Estimate of interest within rent expense |
44 | 37 | ||||||
| Total fixed charges |
$ | 149 | $ | 106 | ||||
| Ratio of earnings to fixed charges |
3.9 | 5.6 | ||||||
| (1) |
Reflected in income from continuing operations before income taxes and minority interest are the following items associated with the synthetic fuel operation: an operating loss of $71 million, net earn-out payments made of $28 million, and interest expense of $9 million for the twenty-four weeks ended June 15, 2007; and an operating loss of $45 million, net earn-out payments made of $1 million, and interest income of $2 million for the twenty-four weeks ended June 16, 2006. |
| (2) |
“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12