EX-12 2 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC. (“Marriott”)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Twelve Weeks Ended  
($ in millions, except ratio)    March 25, 2011     March 26, 2010  

Income before income taxes

    $ 152      $ 129   

Losses related to equity method investees

      4        11   
                
     156        140   

Add/(deduct):

     

Fixed charges

      67        72   

Interest capitalized

      (4 )      (4 ) 

Distributed income of equity method investees

      1        0   
                

Earnings available for fixed charges

    $ 220      $ 208   
                

Fixed charges:

     

Interest expensed and capitalized (1)

    $ 45      $ 49   

Estimate of interest within rent expense

      22        23   
                

Total fixed charges

    $ 67      $ 72   
                

Ratio of earnings to fixed charges

      3.3        2.9   

 

(1) 

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

 

Exhibit 12

1