EXHIBIT 12.1
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations (1) | $ | (12,801 | ) | $ | 125,568 | $ | 97,503 | $ | 80,535 | $ | 68,188 | |||||||||
Fixed charges | 73,390 | 72,658 | 61,376 | 49,092 | 44,203 | |||||||||||||||
Distributions from equity investments | 986 | 2,262 | 1,239 | 874 | 855 | |||||||||||||||
Capitalized interest | (600 | ) | (797 | ) | (494 | ) | (100 | ) | (160 | ) | ||||||||||
Adjusted Earnings | $ | 60,975 | $ | 199,691 | $ | 159,624 | $ | 130,401 | $ | 113,086 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 72,715 | $ | 70,951 | $ | 60,505 | $ | 48,866 | $ | 43,749 | ||||||||||
Interest income | 75 | 910 | 377 | 126 | 294 | |||||||||||||||
Capitalized interest | 600 | 797 | 494 | 100 | 160 | |||||||||||||||
Total Fixed Charges | $ | 73,390 | $ | 72,658 | $ | 61,376 | $ | 49,092 | $ | 44,203 | ||||||||||
Ratio of Earnings to Fixed Charges | 0.8x | 2.7x | 2.6x | 2.7x | 2.6x | |||||||||||||||
(1) 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 $42.2 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.