Exhibit 12.1
CBL & Associates Properties, Inc. | |||||||
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | |||||||
(in thousands, except ratios) | |||||||
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| Nine Months | Year Ended December 31, | |||||
| 2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 |
Earnings: |
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Income before discontinued operations, equity in earnings |
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and minority interest in earnings | $ 307,167 | $ 364,392 | $ 479,320 | $ 376,096 | $ 395,811 | $ 283,571 | $ 256,531 |
Fixed charges less capitalized interest and preferred dividends | 192,703 | 154,200 | 210,914 | 177,219 | 154,116 | 143,125 | 156,404 |
Distributed income of equity investees | 6,517 | 5,637 | 7,492 | 8,801 | 4,150 | 5,599 | 5,964 |
Equity in losses of equity investees for which charges arise |
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from guarantees | (403) | (1,113) | (1,020) | - | (39) | (12) | - |
Minority interest in earnings of subsidiaries that have not |
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incurred fixed charges | (2,778) | (2,455) | (3,700) | (3,554) | (2,254) | (1,782) | (136) |
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Total earnings | $ 503,206 | $ 520,661 | $ 693,006 | $ 558,562 | $ 551,784 | $ 430,501 | $ 418,763 |
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Combined fixed charges (1): |
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Interest expense (2) | $ 192,703 | $ 154,200 | $ 210,914 | $ 177,219 | $ 154,116 | $ 143,125 | $ 156,404 |
Capitalized interest | 8,618 | 4,950 | 8,715 | 4,517 | 5,974 | 5,593 | 5,860 |
Preferred dividends | 22,926 | 22,926 | 30,568 | 18,309 | 19,633 | 10,919 | 6,468 |
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Total combined fixed charges | $ 224,247 | $ 182,076 | $ 250,197 | $ 200,045 | $ 179,723 | $ 159,637 | $ 168,732 |
Ratio of earnings to combined fixed charges and preferred dividends | 2.24 | 2.86 | 2.77 | 2.79 | 3.07 | 2.70 | 2.48 |
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(1) The interest portion of rental expense is not calculated because the rental expense of the company is not significant. |
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(2) Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
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We compute the ratios of earnings to combined fixed charges and preferred stock dividends by dividing earnings by combined fixed charges and preferred stock dividends. For this purpose, earnings consist of pre-tax income from continuing operations before extraordinary items and fixed charges (excluding capitalized interest), adjusted, as applicable, for our proportionate share of earnings of 50 percent-owned affiliates and distributed earnings from less than 50 percent-owned affiliates. Fixed charges consist of interest expense (including interest costs capitalized), amortization of debt costs and the portion of rent expense representing an interest factor