EXHIBIT 12.1
CNL Lifestyle Properties, Inc.
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Loss from continuing operations | $ | (60,438 | ) | $ | (11,422 | ) | $ | (37,059 | ) | $ | (40,851 | ) | $ | (81,566 | ) | |||||
Equity in earnings (loss) on unconsolidated entities | 7,753 | 11,701 | 5,521 | 1,022 | 10,978 | |||||||||||||||
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(68,191 | ) | (23,123 | ) | (42,580 | ) | (41,873 | ) | (92,544 | ) | |||||||||||
Add: | ||||||||||||||||||||
Amortization of capitalized interest | 122 | 120 | 113 | 106 | 94 | |||||||||||||||
Distributed income from unconsolidated entities | 13,497 | 32,046 | 40,188 | 25,891 | 12,691 | |||||||||||||||
Fixed charges (from below) | 83,148 | 74,898 | 72,494 | 64,526 | 54,401 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | — | (182 | ) | (278 | ) | (179 | ) | (638 | ) | |||||||||||
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Adjusted Earnings | $ | 28,576 | $ | 83,759 | $ | 69,937 | $ | 48,471 | $ | (25,996 | ) | |||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense(1) | $ | 79,324 | $ | 70,877 | $ | 68,595 | $ | 60,571 | $ | 50,616 | ||||||||||
Estimated interest factor from rental expense(2) | 3,824 | 3,839 | 3,621 | 3,776 | 3,147 | |||||||||||||||
Capitalized interest | — | 182 | 278 | 179 | 638 | |||||||||||||||
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Total Fixed Charges | $ | 83,148 | $ | 74,898 | $ | 72,494 | $ | 64,526 | $ | 54,401 | ||||||||||
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Ratios of earnings to fixed charges(3) | — | 1.12 | — | — | — | |||||||||||||||
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Deficiency of earnings to fixed charges | $ | 54,572 | $ | — | $ | 2,557 | $ | 16,055 | $ | 80,397 | ||||||||||
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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, 2014, 2012, 2011 and 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $54.6 million, $2.6 million, $16.1 million and $80.4 million, respectively, to achieve coverage of 1:1 for the years ended December 31, 2014, 2012, 2011 and 2010. |