Starwood 2010 Annual Report Download - page 120

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF INCOME
2010 2009 2008
Year Ended December 31,
(In millions, except per share
data)
Revenues
Owned, leased and consolidated joint venture hotels ...................... $1,704 $1,584 $2,212
Vacation ownership and residential sales and services ..................... 538 523 749
Management fees, franchise fees and other income ....................... 712 658 751
Other revenues from managed and franchised properties ................... 2,117 1,931 2,042
5,071 4,696 5,754
Costs and Expenses
Owned, leased and consolidated joint venture hotels ...................... 1,395 1,315 1,688
Vacation ownership and residential ................................... 405 422 583
Selling, general, administrative and other .............................. 344 314 377
Restructuring, goodwill impairment and other special charges (credits), net ..... (75) 379 141
Depreciation ................................................... 252 274 281
Amortization ................................................... 33 35 32
Other expenses from managed and franchised properties ................... 2,117 1,931 2,042
4,471 4,670 5,144
Operating income ............................................... 600 26 610
Equity earnings (losses) and gains and losses from unconsolidated ventures,
net......................................................... 10 (4) 16
Interest expense, net of interest income of $2, $3 and $3 .................. (236) (227) (207)
Gain (loss) on asset dispositions and impairments, net .................... (39) (91) (98)
Income (loss) from continuing operations before taxes and noncontrolling
interests ..................................................... 335 (296) 321
Income tax benefit (expense) ....................................... (27) 293 (72)
Income (loss) from continuing operations .............................. 308 (3) 249
Discontinued operations:
Income (loss) from operations, net of tax (benefit) expense of $0, $(2) and
$4 ....................................................... (1) (2) 5
Gain (loss) on dispositions, net of tax (benefit) expense of $(166), $(35) and
$54 ...................................................... 168 76 75
Net income .................................................... 475 71 329
Net (income) loss attributable to noncontrolling interests .................. 2 2 —
Net income attributable to Starwood.................................. $ 477 $ 73 $ 329
Earnings (Losses) Per Share — Basic
Continuing operations ............................................ $ 1.70 $ 0.00 $ 1.37
Discontinued operations ........................................... 0.91 0.41 0.44
Net income .................................................... $ 2.61 $ 0.41 $ 1.81
Earnings (Losses) Per Share — Diluted
Continuing operations ............................................ $ 1.63 $ 0.00 $ 1.34
Discontinued operations ........................................... 0.88 0.41 0.43
Net income .................................................... $ 2.51 $ 0.41 $ 1.77
Amounts attributable to Starwood’s Common Shareholders
Income (loss) from continuing operations .............................. $ 310 $ (1) $ 249
Discontinued operations ........................................... 167 74 80
Net income .................................................... $ 477 $ 73 $ 329
Weighted average number of shares .................................. 183 180 181
Weighted average number of shares assuming dilution .................... 190 180 185
Dividends declared per share ....................................... $ 0.30 $ 0.20 $ 0.90
The accompanying notes to financial statements are an integral part of the above statements.
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