RFS Partnership Inactive 10-K2002 FY Annual report

Filed: 20 Mar 03, 12:00am

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New words: accelerate, accelerated, accelerating, accurate, add, agency, alert, ARB, assessor, attach, attained, award, Bureau, carefully, Carolina, Center, certify, certifying, closure, coincide, committee, complimentary, component, concluded, consecutive, constitute, contemplated, Correspondingly, covenant, Cruz, deadline, deter, disclaim, disclosed, disperse, EITF, electronically, Emerging, ethical, Exact, exit, expert, extinguishment, FAS, filer, FIN, flat, fraud, function, furnished, guarantor, handling, hardening, hardest, herewith, honest, incorrect, Indirect, Interstate, intrinsic, involuntarily, Iraq, irrespective, issuer, Korea, lagging, lived, magnitude, matching, Mateo, mentioned, misleading, modest, Moscone, MSA, ninety, North, occupied, ofFASB, overdue, PARNTERSHIP, predominantly, prescribe, product, professional, promote, prompt, prospective, prospectively, prove, reclassification, recovery, reliant, rescission, retrofit, role, Rule, sending, sequentially, shown, sixteen, slowest, smallest, South, speaking, stable, strike, submitted, supervision, Task, temper, terrorism, top, TTM, turnaround, unconditional, understandable, undertaken, untrue, voluntary, waiver, war, website, worse, worst, wrongdoing

Removed: affiliation, applying, Centrafuse, Crystal, district, Lake, liquidation, Nineteen, optional, Pleasanton, preference, recognizing, registered, renovated, repay, repayable, spite, St, stated, suburb, unchanged

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Exhibit 12.1

RFS Hotel Investors, Inc.
Computation of Ratio of Earnings to Fixed Charges

	1998		1999		2000		2001		2001 Supplemental	2002		2002 Supplemental
	(Note A)		(Note A)		(Note A)		(Note A)		(Note B)	(Note A)		(Note B)
*Ratio of Earnings to Fixed Charges:*
Earnings
Net income (loss)	34,068		34,990		30,790		(13,729	)	23,381	(3,788	)	5,490
Add minority interest in consolidated subsidiaries	3,655		3,620		3,218		(1,157		2,495	(644	)	200
Add fixed charges	18,935		21,936		24,652		26,042		26,042	27,101		27,101
Add amortization of capitalized interest	73		100		115		115		115	115		115
Deduct capitalized interest	(1,400	)	(1,100	)	(600	)

Total Earnings	55,331		59,546		58,175		11,271		52,033	22,784		32,906

Fixed Charges
Interest expensed, including amortization of debt costs	17,535		20,836		24,052		26,042		26,042	27,101		27,101
Capitalized interest	1,400		1,100		600

Total Fixed Charges	18,935		21,936		24,652		26,042		26,042	27,101		27,101

*Ratio of Earnings to Fixed Charges:*	2.9x		2.7x		2.4x		0.4x		2.0x	0.8x		1.2x

RFS Partnership, L.P.
Computation of Ratio of Earnings to Fixed Charges

	1998		1999		2000		2001		2001 Supplemental	2002		2002 Supplemental
	(Note A)		(Note A)		(Note A)		(Note A)		(Note B)	(Note A)		(Note B)
*Ratio of Earnings to Fixed Charges:*
Earnings
Net income (loss)	37,723		38,610		34,008		(14,886	)	25,876	(4,432	)	5,690
Add fixed charges	18,935		21,936		24,652		26,042		26,042	27,101		27,101
Add amortization of capitalized interest	73		100		115		115		115	115		115
Deduct capitalized interest	(1,400	)	(1,100	)	(600	)

Total Earnings	55,331		59,546		58,175		11,271		52,033	22,784		32,906

Fixed Charges
Interest expensed, including amortization of debt costs	17,535		20,836		24,052		26,042		26,042	27,101		27,101
Capitalized interest	1,400		1,100		600

Total Fixed Charges	18,935		21,936		24,652		26,042		26,042	27,101		27,101

*Ratio of Earnings to Fixed Charges:*	2.9x		2.7x		2.4x		0.4x		2.0x	0.8x		1.2x

A. For the purpose of computing the ratio of earnings to fixed charges, earnings consist of net income (loss) plus fixed charges, plus the amortization of capitalized interest and less capitalized interest. Fixed charges consist of interest, whether expensed or capitalized, and amortization of loan costs. For the years ended December 31, 2002 and 2001, the ratio of earnings to fixed charges was less than 1:1 and earnings were insufficient to cover fixed charges by $4.3 and $14.8 million, respectively.

B. The supplemental ratio of earnings to fixed charges is computed the same as described in footnote (A) except that net income is adjusted to add back the debt extinguishment and swap termination costs of $10.1 million in 2002 and Hilton lease termination expense, net of deferred income taxes, of $40.8 million in 2001.