Exhibit 12.1
CNL Lifestyle Properties, Inc.
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
| Three months | ||||||||||||||||||||||||
| Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (20,630 | ) | $ | (81,889 | ) | $ | (19,320 | ) | $ | 34,240 | $ | 35,356 | $ | 19,250 | |||||||||
Less: | ||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | (5,900 | ) | — | — | — | |||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (3,866 | ) | 10,978 | 5,630 | 3,020 | 3,738 | 11,003 | |||||||||||||||||
| (16,764 | ) | (92,867 | ) | (19,050 | ) | 31,220 | 31,618 | 8,247 | ||||||||||||||||
Add: | ||||||||||||||||||||||||
Amortization of capitalized interest | 26 | 94 | 60 | 23 | 5 | — | ||||||||||||||||||
Distributed income from unconsolidated entities | 3,630 | 12,691 | 10,786 | 14,883 | 12,864 | 17,004 | ||||||||||||||||||
Fixed charges (from below) | 12,264 | 54,401 | 45,187 | 35,321 | 15,966 | 1,255 | ||||||||||||||||||
Adjusted Earnings | $ | (844 | ) | $ | (25,681 | ) | $ | 36,983 | $ | 81,447 | $ | 60,453 | $ | 26,506 | ||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense(1) | $ | 11,477 | $ | 50,616 | $ | 40,638 | $ | 32,076 | $ | 14,175 | $ | 936 | ||||||||||||
Estimated interest factor from rental expense(2) | 749 | 3,147 | 2,890 | 2,369 | 1,440 | 319 | ||||||||||||||||||
Capitalized interest | 38 | 638 | 1,659 | 876 | 351 | — | ||||||||||||||||||
Total Fixed Charges | $ | 12,264 | $ | 54,401 | $ | 45,187 | $ | 35,321 | $ | 15,966 | $ | 1,255 | ||||||||||||
Ratios of earnings to fixed charges | — | — | — | 2.31 | x | 3.79 | x | 21.12 | x | |||||||||||||||
Deficiency of earnings to fixed charges | $ | 13,108 | $ | 80,082 | $ | 8,204 | n/a | n/a | n/a | |||||||||||||||
FOOTNOTES:
| (1) | Includes amortized premiums, discounts and amortized capitalized financing costs. |
| (2) | Represents the portion of rental expense that is a reasonable approximation of the interest factor. |