EX-12.1 2 p16859exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Starwood Hotels & Resorts Worldwide, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
                                         
    Year Ended December 31,  
    2009     2008     2007     2006     2005  
(Dollars in millions, except ratio)                                  
(Loss) income from continuing operations before income taxes
   $ (296 )   $ 321     $ 716     $ 663     $ 629  
(Income) loss related to equity method investees
     4       (16 )     (66 )     (61 )     (64 )
 
                              
 
     (292 )     305       650       602       565  
Add/(deduct):
                                        
Fixed Charges
     312       300       265       317       338  
Interest Capitalized
     (34 )     (35 )     (47 )     (27 )     (25 )
Distributed income of equity method investees
     39       48       142       84       125  
Noncontrolling interest in pre-tax (income) loss
     2       —       (1 )     (1 )     —  
Earnings available for fixed charges
   $ 27     $ 618     $ 1,009     $ 975     $ 1,003  
 
                              
Fixed Charges:
                                        
Interest and other financial charges
   $ 249     $ 233     $ 188     $ 262     $ 283  
Interest factor attributable to rentals (a)
     29       32       30       28       30  
Interest capitalized
     34       35       47       27       25  
Total fixed charges
   $ 312     $ 300     $ 265     $ 317     $ 338  
 
                              
Ratio of earnings to fixed charges
     0.09       2.06       3.81       3.08       2.97  
 
                              
Notes:
(a)  The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by Starwood to be representative of the interest factor inherent in rents.