EXHIBIT 12.2
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(Dollars in thousands)
| Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations (1) | $ | 21,890 | $ | 99,716 | $ | 115,095 | $ | 33,629 | $ | 124,792 | $ | 96,238 | ||||||||||||
| Fixed charges before preferred distributions | 18,350 | 72,210 | 72,731 | 66,206 | 65,638 | 56,968 | ||||||||||||||||||
| Distributions from equity investments | 354 | 2,848 | 2,482 | 986 | 2,262 | 1,239 | ||||||||||||||||||
| Capitalized interest | (156 | ) | (498 | ) | (383 | ) | (600 | ) | (797 | ) | (494 | ) | ||||||||||||
| Adjusted Earnings | $ | 40,438 | $ | 174,276 | $ | 189,925 | $ | 100,221 | $ | 191,895 | $ | 153,951 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense, net (including amortization of deferred financing fees) | $ | 18,130 | $ | 71,679 | $ | 72,311 | $ | 65,531 | $ | 63,931 | $ | 56,097 | ||||||||||||
| Interest income | 64 | 33 | 37 | 75 | 910 | 377 | ||||||||||||||||||
| Capitalized interest | 156 | 498 | 383 | 600 | 797 | 494 | ||||||||||||||||||
| Preferred distributions | 6,001 | 28,140 | 30,206 | 30,206 | 28,266 | 21,312 | ||||||||||||||||||
| Combined Fixed Charges and Preferred Distributions | $ | 24,351 | $ | 100,350 | $ | 102,937 | $ | 96,412 | $ | 93,904 | $ | 78,280 | ||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Distributions | 1.7 | x | 1.7 | x | 1.8 | x | 1.0 | x | 2.0 | x | 2.0 | x | ||||||||||||
| (1) | Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the three months ended March 31, 2012 includes $12.0 million in impairment charges for properties held and used. Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2011 includes $27.1 million in impairment charges for properties held and used. Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2010 includes a $0.5 million impairment charge for other assets and $0.7 million in provision for loan losses. Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2009 includes $2.1 million in impairment charges for properties held and used and $71.0 million in provision for loan losses. |