EXHIBIT 12.1
CNL Lifestyle Properties, Inc.
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
| Year Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Loss from continuing operations | $ | (230,529 | ) | $ | (73,157 | ) | $ | (52,488 | ) | $ | (85,652 | ) | $ | (15,854 | ) | |||||
Less: | ||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | (5,900 | ) | ||||||||||||||
Equity in earnings (loss) on unconsolidated entities | 11,701 | 5,521 | 1,022 | 10,978 | 5,630 | |||||||||||||||
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| (242,230 | ) | (78,678 | ) | (53,510 | ) | (96,630 | ) | (15,584 | ) | |||||||||||
Add: | ||||||||||||||||||||
Amortization of capitalized interest | 120 | 113 | 106 | 94 | 60 | |||||||||||||||
Distributed income from unconsolidated entities | 32,046 | 40,188 | 25,891 | 12,691 | 10,786 | |||||||||||||||
Fixed charges (from below) | 74,898 | 72,494 | 64,526 | 54,401 | 45,187 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (182 | ) | (278 | ) | (179 | ) | (638 | ) | (1,659 | ) | ||||||||||
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Adjusted Earnings | $ | (135,348 | ) | $ | 33,839 | $ | 36,834 | $ | (30,082 | ) | $ | 38,790 | ||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense (1) | $ | 70,877 | $ | 68,595 | $ | 60,571 | $ | 50,616 | $ | 40,638 | ||||||||||
Estimated interest factor from rental expense (2) | 3,839 | 3,621 | 3,776 | 3,147 | 2,890 | |||||||||||||||
Capitalized interest | 182 | 278 | 179 | 638 | 1,659 | |||||||||||||||
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Total Fixed Charges | $ | 74,898 | $ | 72,494 | $ | 64,526 | $ | 54,401 | $ | 45,187 | ||||||||||
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Ratios of earnings to fixed charges (3) | — | — | — | — | — | |||||||||||||||
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Deficiency of earnings to fixed charges | $ | 210,246 | $ | 38,655 | $ | 27,692 | $ | 84,483 | 6,397 | |||||||||||
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FOOTNOTES:
| (1) | Includes amortized premiums, discounts and amortized capitalized financing costs for both continuing operations and discontinued operations. |
| (2) | Represents the portion of rental expense that is a reasonable approximation of the interest factor. |
| (3) | For the years ended December 31, 2013, 2012, 2011, 2010 and 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $210.2 million, $38.7 million, $27.7 million, $84.5 million and $6.4 million, respectively, to achieve coverage of 1:1 for the years ended December 31, 2013, 2012, 2011, 2010 and 2009. |