Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | 55,624 | $ | 52,846 | $ | 92,030 | $ | (12,283 | ) | $ | 70,560 | $ | 146,379 | $ | 179,589 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 139,128 | 144,874 | 289,686 | 290,964 | 308,788 | 283,464 | 256,824 | |||||||||||||||||||||
Distributed income of equity investees | 3,922 | 2,730 | 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 | (2,236 | ) | (1,928 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | (4,205 | ) | ||||||||||||||
Total earnings | $ | 196,438 | $ | 198,522 | $ | 380,826 | $ | 286,445 | $ | 391,123 | $ | 434,015 | $ | 444,493 | ||||||||||||||
Combined fixed charges (1): | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 139,128 | $ | 144,874 | $ | 289,686 | $ | 290,964 | $ | 308,788 | $ | 283,464 | $ | 256,824 | ||||||||||||||
Capitalized interest | 2,415 | 1,413 | 3,577 | 6,807 | 19,218 | 19,410 | 15,992 | |||||||||||||||||||||
Preferred dividends (3) | 31,416 | 24,603 | 53,289 | 42,555 | 42,082 | 34,038 | 30,568 | |||||||||||||||||||||
Total combined fixed charges | $ | 172,959 | $ | 170,890 | $ | 346,552 | $ | 340,326 | $ | 370,088 | $ | 336,912 | $ | 303,384 | ||||||||||||||
Ratio of earnings to combined fixed charges(4) | 1.14 | 1.16 | 1.10 | - | 1.06 | 1.29 | 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 $53,881. |