CNL Lifestyle Properties (CLLY) 10-K 2013 FY Annual report

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
		(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	)
Adjusted Earnings	$	(135,348	)	$	33,839		$	36,834		$	(30,082	)	$	38,790
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
Total Fixed Charges	$	74,898		$	72,494		$	64,526		$	54,401		$	45,187
Ratios of earnings to fixed charges (3)		—			—			—			—			—
Deficiency of earnings to fixed charges	$	210,246		$	38,655		$	27,692		$	84,483			6,397

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.