EX-12.2 4 c75028a1exv12w2.txt EX-12.2 COMPUTATION OF RATIOS EXHIBIT 12.2 STARWOOD HOTELS & RESORTS CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES (DOLLARS IN MILLIONS)
PERIOD FROM FEB 23, TO YEAR ENDED DECEMBER 31, DECEMBER 31, ----------------------- ------------ 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Earnings: Income from continuing operations $315 376 460 $423 $412 Add: Adjustment for distributions in excess of equity earnings and losses (a) 2 1 3 1 5 Provision for income taxes 4 4 1 2 1 Minority equity in net income 3 1 3 2 10 Amortization of interest capitalized 1 1 1 -- -- ---- ---- ---- ---- ---- 325 383 468 428 428 ---- ---- ---- ---- ---- Fixed Charges: Interest and other financial charges 36 37 39 47 26 Interest factor attributable to rentals (b) -- -- -- -- -- ---- ---- ---- ---- ---- 36 37 39 47 26 ---- ---- ---- ---- ---- Earnings, as adjusted, from continuing operations $361 $420 507 $475 $454 ==== ==== ==== ==== ==== Fixed Charges: Fixed charges above 36 37 39 $ 47 $ 26 Interest capitalized 5 1 2 7 7 ---- ---- ---- ---- ---- Total fixed charges 41 38 41 $ 54 $ 33 ==== ==== ==== ==== ==== Ratio: Earnings, as adjusted, from continuing operations to fixed charges 8.80 11.05 12.37 8.80 13.76 ==== ==== ==== ==== ====
Notes: (a) The adjustment represents distributions in excess of undistributed earnings and losses of companies in which at least 20% but less than 50% equity is owned. (b) As the entities owned by the Trust only lease fixed assets, they do not enter into any operational leases.