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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| Three Months Ended March 31, |
| Year Ended December 31, |
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| 2008 |
| 2007 |
| 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 |
| $ | 21,115 |
| $ | 39,493 |
| $ | 144,560 |
| $ | 179,637 |
| $ | 267,160 |
| $ | 196,074 |
| $ | 239,979 |
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Fixed charges less capitalized interest and preferred dividends |
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| 80,224 |
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| 66,127 |
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| 287,884 |
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| 257,067 |
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| 210,914 |
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| 177,219 |
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| 154,116 |
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Distributed income of equity investees |
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| 4,163 |
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| 891 |
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| 9,450 |
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| 12,372 |
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| 7,492 |
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| 8,801 |
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| 4,150 |
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Equity in losses of equity investees for which charges arise from guarantees |
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| — |
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| (109 | ) |
| — |
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| (461 | ) |
| (1,020 | ) |
| — |
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| (39 | ) |
Minority interest in earnings of subsidiaries that have not incurred fixed charges |
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| (1,099 | ) |
| (1,044 | ) |
| (5,278 | ) |
| (4,205 | ) |
| (3,700 | ) |
| (3,554 | ) |
| (2,254 | ) |
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Total earnings |
| $ | 104,403 |
| $ | 105,358 |
| $ | 436,616 |
| $ | 444,410 |
| $ | 480,846 |
| $ | 378,540 |
| $ | 395,952 |
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Combined fixed charges and preferred dividends (1): |
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Interest expense (2) |
| $ | 80,224 |
| $ | 66,127 |
| $ | 287,884 |
| $ | 257,067 |
| $ | 210,914 |
| $ | 177,219 |
| $ | 154,116 |
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Capitalized interest |
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| 4,224 |
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| 3,613 |
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| 19,410 |
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| 15,992 |
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| 10,184 |
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| 4,719 |
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| 6,231 |
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Preferred dividends(3) |
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| 10,418 |
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| 7,642 |
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| 34,038 |
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| 30,568 |
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| 30,568 |
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| 18,309 |
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| 19,633 |
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Total combined fixed charges and preferred dividends |
| $ | 94,866 |
| $ | 77,382 |
| $ | 341,332 |
| $ | 303,627 |
| $ | 251,666 |
| $ | 200,247 |
| $ | 179,980 |
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Ratio of earnings to combined fixed charges |
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| 1.10 |
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| 1.36 |
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| 1.28 |
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| 1.46 |
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| 1.91 |
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| 1.89 |
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| 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. |
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| (3) Includes preferred distributions to the Company’s partner in CW Joint Venture, LLC. |
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