EX-12.1 2 p18280exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Starwood Hotels & Resorts Worldwide, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
                                         
    Year Ended December 31,  
    2010     2009     2008     2007     2006  
(Dollars in millions, except ratio)                                  
Income (loss) from continuing operations before income taxes
   $ 335     $ (296 )   $ 321     $ 716     $ 663  
(Income) loss related to equity method investees
     (10 )     4       (16 )     (66 )     (61 )
 
                              
 
     325       (292 )     305       650       602  
Add/(deduct):
                                        
Fixed Charges
     313       312       300       265       317  
Interest Capitalized
     (30 )     (34 )     (35 )     (47 )     (27 )
Distributed income of equity method investees
     59       39       48       142       84  
Noncontrolling interest in pre-tax loss (income)
     2       2       —       (1 )     (1 )
 
                              
Earnings available for fixed charges
   $ 669     $ 27     $ 618     $ 1,009     $ 975  
 
                              
Fixed Charges:
                                        
Interest and other financial charges
   $ 255     $ 249     $ 233     $ 188     $ 262  
Interest factor attributable to rentals (a)
     28       29       32       30       28  
Interest capitalized
     30       34       35       47       27  
 
                              
Total fixed charges
   $ 313     $ 312     $ 300     $ 265     $ 317  
 
                              
Ratio of earnings to fixed charges
     2.14       0.09       2.06       3.81       3.08  
 
                              
 
Notes:    
 
(a)   The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by Starwood to be representative of the interest factor inherent in rents.