Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | 54,772 | $ | 65,387 | $ | (13,881 | ) | $ | 68,098 | $ | 144,819 | $ | 179,637 | $ | 267,160 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 219,408 | 215,847 | 294,051 | 313,209 | 287,884 | 257,067 | 210,914 | |||||||||||||||||||||
Distributed income of equity investees | 3,554 | 8,175 | 12,665 | 15,661 | 9,450 | 12,285 | 7,492 | |||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (1,130 | ) | - | - | - | - | - | (1,020 | ) | |||||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (2,971 | ) | (3,570 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | (4,205 | ) | (3,700 | ) | ||||||||||||||
Total earnings | $ | 273,633 | $ | 285,839 | $ | 287,934 | $ | 393,082 | $ | 436,875 | $ | 444,784 | $ | 480,846 | ||||||||||||||
Combined fixed charges (1): | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 219,408 | $ | 215,847 | $ | 294,051 | $ | 313,209 | $ | 287,884 | $ | 257,067 | $ | 210,914 | ||||||||||||||
Capitalized interest | 2,304 | 7,037 | 7,327 | 19,555 | 19,410 | 15,992 | 10,184 | |||||||||||||||||||||
Preferred dividends (3) | 38,199 | 31,877 | 42,555 | 42,082 | 34,038 | 30,568 | 30,568 | |||||||||||||||||||||
Total combined fixed charges | $ | 259,911 | $ | 254,761 | $ | 343,933 | $ | 374,846 | $ | 341,332 | $ | 303,627 | $ | 251,666 | ||||||||||||||
Ratio of earnings to combined fixed charges(4) | 1.05 | 1.12 | - | 1.05 | 1.28 | 1.46 | 1.91 |
(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. |
(4) | Total earnings for the year ended December 31, 2009 were inadequate to cover combined fixed charges by $55,999. |