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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Owned, leased and consolidated joint venture hotels $ 312 $ 393 $ 984 $ 1,171
Vacation ownership and residential sales and services 173 159 530 504
Management fees, franchise fees and other income 263 255 759 763
Other revenues from managed and franchised properties 686 686 2,057 2,052
Total revenues 1,434 1,493 4,330 4,490
Costs and Expenses        
Owned, leased and consolidated joint venture hotels 241 308 768 923
Vacation ownership and residential sales and services 127 121 390 374
Selling, general, administrative and other 102 96 292 293
Restructuring and other special charges (credits), net 9 0 63 (3)
Depreciation 62 65 189 188
Amortization 7 7 22 22
Other expenses from managed and franchised properties 686 686 2,057 2,052
Total cost and expenses 1,234 1,283 3,781 3,849
Operating income 200 210 549 641
Equity earnings and gains from unconsolidated ventures, net 5 3 31 21
Interest expense, net of interest income of $1, $0, $3 and $2 (29) (27) (87) (73)
Loss on early extinguishment of debt, net   (1)   (1)
Loss on asset dispositions and impairments, net (46) (22) (32) (55)
Income from continuing operations before taxes and noncontrolling interests 130 163 461 533
Income tax expense (42) (54) (138) (135)
Income from continuing operations 88 109 323 398
Discontinued operations:        
Gain on dispositions, net of tax expense (benefit) of $0, $0, $0 and $(1)       1
Net income attributable to Starwood $ 88 $ 109 $ 323 $ 399
Earnings Per Share – Basic        
Continuing operations $ 0.53 $ 0.60 $ 1.91 $ 2.12
Discontinued operations       0.01
Net income 0.53 0.60 1.91 2.13
Earnings Per Share – Diluted        
Continuing operations 0.53 0.59 1.90 2.10
Discontinued operations       0.01
Net income $ 0.53 $ 0.59 $ 1.90 $ 2.11
Weighted average number of shares 168 185 169 188
Weighted average number of shares assuming dilution 169 186 170 190
Dividends declared per share $ 0.375 $ 1.00 $ 1.125 $ 3.00