Three Months Ended

March 31

June 30

September 30

December 31

Year

(In millions, except per share data)

2011

Revenues

$

1,295

$

1,426

$

1,372

$

1,531

$

5,624

Costs and expenses

$

1,175

$

1,249

$

1,210

$

1,360

$

4,994

Income from continuing operations

$

27

$

150

$

165

$

158

$

500

Net (income) loss from continuing operations attributable to noncontrolling interests

$

2

$

—

$

—

$

—

$

2

Income (loss) from continuing operations attributable to Starwood’s common shareholders

$

29

$

150

$

165

$

158

$

502

Discontinued operations

$

(1

)

$

(19

)

$

(2

)

$

9

$

(13

)

Net income attributable to Starwood

$

28

$

131

$

163

$

167

$

489

Earnings per share: ^(a)

Basic —

Income (loss) from continuing operations

$

0.16

$

0.79

$

0.88

$

0.82

$

2.65

Discontinued operations

$

(0.01

)

$

(0.10

)

$

(0.01

)

$

0.05

$

(0.07

)

Net income

$

0.15

$

0.69

$

0.87

$

0.87

$

2.58

Diluted —

Income (loss) from continuing operations

$

0.15

$

0.77

$

0.85

$

0.80

$

2.57

Discontinued operations

$

(0.01

)

$

(0.09

)

$

(0.01

)

$

0.05

$

(0.06

)

Net income

$

0.14

$

0.68

$

0.84

$

0.85

$

2.51

2010

Revenues

$

1,187

$

1,289

$

1,255

$

1,340

$

5,071

Costs and expenses

$

1,102

$

1,152

$

1,133

$

1,084

$

4,471

Income (loss) from continuing operations

$

28

$

79

$

(5

)

$

206

$

308

Net (income) loss from continuing operations attributable to noncontrolling interests

$

2

$

—

$

—

$

—

$

2

Income (loss) from continuing operations attributable to Starwood’s common shareholders

$

30

$

79

$

(5

)

$

206

$

310

Discontinued operations

$

—

$

35

$

(1

)

$

133

$

167

Net income attributable to Starwood

$

30

$

114

$

(6

)

$

339

$

477

Earnings per share: ^(a)

Basic —

Income (loss) from continuing operations

$

0.16

$

0.44

$

(0.03

)

$

1.13

$

1.70

Discontinued operations

$

—

$

0.19

$

0.00

$

0.72

$

0.91

Net income

$

0.16

$

0.63

$

(0.03

)

$

1.85

$

2.61

Diluted —

Income (loss) from continuing operations

$

0.16

$

0.42

$

(0.03

)

$

1.08

$

1.63

Discontinued operations

$

—

$

0.19

$

0.00

$

0.70

$

0.88

Net income

$

0.16

$

0.61

$

(0.03

)

$

1.78

$

2.51