Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280e10vk.htm |
| EX-23.1 - EX-23.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv23w1.htm |
| EX-32.2 - EX-32.2 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv32w2.htm |
| EX-32.1 - EX-32.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv32w1.htm |
| EX-31.1 - EX-31.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv31w1.htm |
| EX-21.1 - EX-21.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv21w1.htm |
| EX-31.2 - EX-31.2 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | p18280exv31w2.htm |
Exhibit
12.1
Starwood Hotels & Resorts Worldwide, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (Dollars in millions, except ratio) | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes |
$ | 335 | $ | (296 | ) | $ | 321 | $ | 716 | $ | 663 | |||||||||
(Income) loss related to equity method investees |
(10 | ) | 4 | (16 | ) | (66 | ) | (61 | ) | |||||||||||
| 325 | (292 | ) | 305 | 650 | 602 | |||||||||||||||
Add/(deduct): |
||||||||||||||||||||
Fixed Charges |
313 | 312 | 300 | 265 | 317 | |||||||||||||||
Interest Capitalized |
(30 | ) | (34 | ) | (35 | ) | (47 | ) | (27 | ) | ||||||||||
Distributed income of equity method investees |
59 | 39 | 48 | 142 | 84 | |||||||||||||||
Noncontrolling interest in pre-tax loss (income) |
2 | 2 | — | (1 | ) | (1 | ) | |||||||||||||
Earnings available for fixed charges |
$ | 669 | $ | 27 | $ | 618 | $ | 1,009 | $ | 975 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest and other financial charges |
$ | 255 | $ | 249 | $ | 233 | $ | 188 | $ | 262 | ||||||||||
Interest factor attributable to rentals (a) |
28 | 29 | 32 | 30 | 28 | |||||||||||||||
Interest capitalized |
30 | 34 | 35 | 47 | 27 | |||||||||||||||
Total fixed charges |
$ | 313 | $ | 312 | $ | 300 | $ | 265 | $ | 317 | ||||||||||
Ratio of earnings to fixed charges |
2.14 | 0.09 | 2.06 | 3.81 | 3.08 | |||||||||||||||
| 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. |