EX-12 2 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC. (“Marriott”)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Twelve Weeks Ended  
($ in millions, except ratio)    March 26, 2010     March 27, 2009  

Income before income taxes

    $ 129      $ 8   

Losses related to equity method investees

      11        34   
                
     140        42   

Add/(deduct):

     

Fixed charges

      72        64   

Interest capitalized

      (4 )      (10 ) 

Distributed income of equity method investees

      0        4   

Net losses attributable to noncontrolling interests

      0        2   
                

Earnings attributable to Marriott available for fixed charges

    $ 208      $ 102   
                

Fixed charges:

     

Interest expensed and capitalized (1) 

    $ 49      $ 39   

Estimate of interest within rent expense

      23        25   
                

Total fixed charges

    $ 72      $ 64   
                

Ratio of earnings attributable to Marriott to fixed charges

      2.9        1.6   

 

(1)

“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.

Exhibit 12

 

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