EXHIBIT 12.2
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(Dollars in thousands)
| Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 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) | $ | 62,109 | $ | 104,297 | $ | 114,889 | $ | 33,133 | $ | 124,320 | $ | 96,238 | ||||||||||||
| Fixed charges before preferred distributions | 36,832 | 72,131 | 71,945 | 65,405 | 65,420 | 56,968 | ||||||||||||||||||
| Distributions from equity investments | 638 | 2,848 | 2,482 | 986 | 2,262 | 1,239 | ||||||||||||||||||
| Capitalized interest | (172 | ) | (498 | ) | (383 | ) | (600 | ) | (797 | ) | (494 | ) | ||||||||||||
| Adjusted Earnings | $ | 99,407 | $ | 178,778 | $ | 188,933 | $ | 98,924 | $ | 191,205 | $ | 153,951 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense, net (including amortization of deferred financing fees) | $ | 36,600 | $ | 71,600 | $ | 71,525 | $ | 64,730 | $ | 63,713 | $ | 56,097 | ||||||||||||
| Interest income | 60 | 33 | 37 | 75 | 910 | 377 | ||||||||||||||||||
| Capitalized interest | 172 | 498 | 383 | 600 | 797 | 494 | ||||||||||||||||||
| Preferred distributions | 12,003 | 28,140 | 30,206 | 30,206 | 28,266 | 21,312 | ||||||||||||||||||
| Combined Fixed Charges and Preferred Distributions | $ | 48,835 | $ | 100,271 | $ | 102,151 | $ | 95,611 | $ | 93,686 | $ | 78,280 | ||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Distributions | 2.0 | x | 1.8 | 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 six months ended June 30, 2012 includes $8.2 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 $24.3 million in impairment charges for properties held and used and $4.9 million in costs associated with loan refinancing or payoff, net. 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, $0.7 million in provision for loan losses and $11.4 million in costs associated with loan refinancing or payoff. 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, $71.0 million in provision for loan losses and $0.1 million in costs associated with loan refinancing or payoff. |