Exhibit 12.1
Starwood Hotels & Resorts Worldwide, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
|
|
|
Year Ended December 31, |
|
|||||||||||||||||
|
(Dollars in millions, except ratio) |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|||||
|
Income from continuing operations before income taxes |
|
$ |
669 |
|
|
$ |
782 |
|
|
$ |
828 |
|
|
$ |
618 |
|
|
$ |
425 |
|
|
Income related to equity method investees |
|
|
(41 |
) |
|
|
(27 |
) |
|
|
(26 |
) |
|
|
(25 |
) |
|
|
(11 |
) |
|
|
|
|
628 |
|
|
|
755 |
|
|
|
802 |
|
|
|
593 |
|
|
|
414 |
|
|
Add/(deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
|
154 |
|
|
|
138 |
|
|
|
147 |
|
|
|
215 |
|
|
|
283 |
|
|
Interest capitalized |
|
|
(7 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
(42 |
) |
|
Amortization of capitalized interest |
|
|
8 |
|
|
|
10 |
|
|
|
23 |
|
|
|
66 |
|
|
|
19 |
|
|
Distributed income of equity method investees |
|
|
57 |
|
|
|
39 |
|
|
|
30 |
|
|
|
28 |
|
|
|
22 |
|
|
Noncontrolling interest in pre-tax loss (income) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Earnings available for fixed charges |
|
$ |
840 |
|
|
$ |
937 |
|
|
$ |
995 |
|
|
$ |
895 |
|
|
$ |
698 |
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other financial charges |
|
$ |
116 |
|
|
$ |
98 |
|
|
$ |
103 |
|
|
$ |
172 |
|
|
$ |
203 |
|
|
Interest factor attributable to rentals (a) |
|
|
31 |
|
|
|
35 |
|
|
|
37 |
|
|
|
36 |
|
|
|
38 |
|
|
Interest capitalized |
|
|
7 |
|
|
|
5 |
|
|
|
7 |
|
|
|
7 |
|
|
|
42 |
|
|
Total fixed charges |
|
$ |
154 |
|
|
$ |
138 |
|
|
$ |
147 |
|
|
$ |
215 |
|
|
$ |
283 |
|
|
Ratio of earnings to fixed charges |
|
|
5.45 |
|
|
|
6.79 |
|
|
|
6.77 |
|
|
|
4.16 |
|
|
|
2.47 |
|
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. |