Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Results (Unaudited)

Note 27.     Quarterly Results (Unaudited)

	Three Months Ended
	March 31			June 30			September 30			December 31		Year
	(In millions, except per share data)
2012
Revenues	$	1,715		$	1,618		$	1,455		$	1,533	$	6,321
Costs and expenses	$	1,488		$	1,376		$	1,255		$	1,290	$	5,409
Income from continuing operations	$	129		$	129		$	147		$	65	$	470
Net (income) loss from continuing operations attributable to noncontrolling interests	$	—		$	—		$	—		$	—	$	—
Income (loss) from continuing operations attributable to Starwood’s common shareholders	$	129		$	129		$	147		$	65	$	470
Discontinued operations	$	(1	)	$	(7	)	$	23		$	77	$	92
Net income attributable to Starwood	$	128		$	122		$	170		$	142	$	562
Earnings per share (a)
Basic —
Income (loss) from continuing operations	$	0.67		$	0.67		$	0.76		$	0.34	$	2.44
Discontinued operations	$	0.00		$	(0.04	)	$	0.12		$	0.40	$	0.48
Net income	$	0.67		$	0.63		$	0.88		$	0.74	$	2.92
Diluted —
Income (loss) from continuing operations	$	0.65		$	0.66		$	0.75		$	0.33	$	2.39
Discontinued operations	$	0.00		$	(0.04	)	$	0.12		$	0.39	$	0.47
Net income	$	0.65		$	0.62		$	0.87		$	0.72	$	2.86
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 (loss) 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

(a) Amounts presented are attributable to Starwood’s common shareholders.