| Year Ended December 31, | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
|
Earnings available to cover fixed charges:
|
||||||||||||||||||||
|
Income before income taxes, minority interest and cumulative
effect of accounting change |
$ | 655 | $ | 542 | $ | 626 | $ | 587 | $ | 500 | ||||||||||
|
Plus: Fixed charges
|
209 | 159 | 93 | 86 | 30 | |||||||||||||||
|
Amortization of capitalized interest
|
18 | 8 | 5 | 6 | 4 | |||||||||||||||
|
Less: Minority interest in pre-tax income of subsidiaries that
have not incurred fixed charges (a) |
— | — | — | — | 25 | |||||||||||||||
|
Capitalized interest
|
23 | 16 | 7 | 5 | 7 | |||||||||||||||
|
Earnings available to cover fixed charges
|
$ | 859 | $ | 693 | $ | 717 | $ | 674 | $ | 502 | ||||||||||
|
Fixed
charges (b):
|
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|
Interest, including amortization of deferred financing costs
|
$ | 183 | $ | 137 | $ | 75 | $ | 70 | $ | 16 | ||||||||||
|
Interest portion of rental payments
|
26 | 22 | 18 | 16 | 14 | |||||||||||||||
|
Total fixed charges
|
$ | 209 | $ | 159 | $ | 93 | $ | 86 | $ | 30 | ||||||||||
|
Ratio of earnings to fixed charges
|
4.11x | 4.36x | 7.71x | 7.84x | 16.73x | |||||||||||||||
| (a) | Includes minority expense related to the Company’s venture with Marriott International, Inc. | |
| (b) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. |