| Exhibit 12.1 |
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
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| Year Ended December 31, | |||
| 2007 | 2006 | 2005 | 2004 | 2003 |
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Earnings: |
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Income before discontinued operations, equity in earnings and minority interest in earnings | $ 44,943 | $ 79,637 | $ 67,160 | $ 96,074 | $ 39,979 |
Fixed charges less capitalized interest and preferred dividends | 287,884 | 257,067 | 210,914 | 177,219 | 154,116 |
Distributed income of equity investees | 9,450 | 12,372 | 7,492 | 8,801 | 4,150 |
Equity in losses of equity investees for which charges arise from guarantees | - | (461) | (1,020) | - | (39) |
Minority interest in earnings of subsidiaries that have not incurred fixed charges | (5,278) | (4,205) | (3,700) | (3,554) | (2,254) |
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Total earnings | $436,999 | $ 44,410 | $480,846 | $378,540 | $ 395,952 |
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Combined fixed charges (1): |
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Interest expense (2) | $287,884 | $257,067 | $210,914 | $177,219 | $ 154,116 |
Capitalized interest | 19,410 | 15,992 | 10,184 | 4,719 | 6,231 |
Preferred dividends(3) | 34,038 | 30,568 | 30,568 | 18,309 | 19,633 |
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Total combined fixed charges | $341,332 | $303,627 | $251,666 | $200,247 | $ 179,980 |
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Ratio of earnings to combined fixed charges | 1.28 | 1.46 | 1.91 | 1.89 | 2.20 |
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| (1) | The interest portion of rental expense is not calculated because the rental expense of the company is not significant. |
| (2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
| (3) | Includes preferred distributions to the Company's partner in CW Joint Venture, LLC (see Note 3 to the consolidated financial statements). |