EX-12 2 q32015computationofratioof.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


HILTON WORLDWIDE HOLDINGS INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio amounts)
(unaudited)

 
Nine Months Ended
September 30,
 
2015
 
2014
Earnings:
 
 
 
Income before taxes
1,155

 
854

Equity in earnings from unconsolidated affiliates
(22
)
 
(16
)
 
1,133

 
838

Add:
 
 
 
Fixed charges
533

 
579

Distributed income of equity method investees
22

 
20

Subtract:
 
 
 
Interest capitalized
(2
)
 
(2
)
Earnings available for fixed charges
$
1,686

 
$
1,435

 
 
 
 
Fixed Charges:
 
 
 
Interest expense(1)
431

 
467

Interest capitalized
2

 
2

Estimated interest included in rent expense
100

 
110

Total Fixed Charges
$
533

 
$
579

 
 
 
 
Ratio of Earnings to Fixed Charges
3.2

 
2.5

____________
(1)    Includes the amortization of debt discounts, premiums and capitalized expenses related to indebtedness.