EX-12 2 dex12.htm EXHIBIT 12 EXHIBIT 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Twelve Weeks Ended  
($ in millions, except ratio)    March 21, 2008     March 23, 2007  

Income from continuing operations before income taxes and minority interest

    $ 196     $ 250  

Income related to equity method investees

      (27 )     (2 )
                
     169       248  

Add/(deduct):

     

Fixed charges

      77       64  

Interest capitalized

      (11 )     (9 )

Distributed income of equity method investees

      6       4  

Minority interest

      1       —    
                

Earnings available for fixed charges

    $ 242     $ 307  
                

Fixed charges:

     

Interest expensed and capitalized (1) 

    $ 53     $ 42  

Estimate of interest within rent expense

      24       22  
                

Total fixed charges

    $ 77     $ 64  
                

Ratio of earnings to fixed charges

      3.1       4.8  

 

(1)

“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.

Exhibit 12

 

1