Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | 91,571 | $ | (13,649 | ) | $ | 67,719 | $ | 145,477 | $ | 179,589 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 290,646 | 292,826 | 311,710 | 286,455 | 256,824 | |||||||||||||||
Distributed income of equity investees | 4,959 | 12,665 | 15,661 | 9,450 | 12,285 | |||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (1,646 | ) | - | - | - | - | ||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (4,203 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | (4,205 | ) | ||||||||||
Total earnings | $ | 381,327 | $ | 286,941 | $ | 391,204 | $ | 436,104 | $ | 444,493 | ||||||||||
Combined fixed charges (1): | ||||||||||||||||||||
Interest expense (2) | $ | 290,646 | $ | 292,826 | $ | 311,710 | $ | 286,455 | $ | 256,824 | ||||||||||
Capitalized interest | 3,577 | 6,807 | 19,218 | 19,410 | 15,992 | |||||||||||||||
Preferred dividends (3) | 53,289 | 42,555 | 42,082 | 34,038 | 30,568 | |||||||||||||||
Total combined fixed charges | $ | 347,512 | $ | 342,188 | $ | 373,010 | $ | 339,903 | $ | 303,384 | ||||||||||
Ratio of earnings to combined fixed charges(4) | 1.10 | - | 1.05 | 1.28 | 1.47 | |||||||||||||||
(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. |