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, | ||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | 41,056 | $ | 80,177 | $ | 117,464 | $ | (12,283 | ) | $ | 70,560 | $ | 146,379 | $ | 179,589 | ||||||||||||
Fixed charges less capitalized interest and preferred dividends | 209,771 | 218,999 | 289,686 | 290,964 | 308,788 | 283,464 | 256,824 | ||||||||||||||||||||
Distributed income of equity investees | 6,171 | 3,554 | 4,959 | 12,665 | 15,661 | 9,450 | 12,285 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | (1,130 | ) | (1,646 | ) | — | — | — | — | ||||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (2,954 | ) | (2,971 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | (4,205 | ) | |||||||||||||
Total earnings | $ | 254,044 | $ | 298,629 | $ | 406,260 | $ | 286,445 | $ | 391,123 | $ | 434,015 | $ | 444,493 | |||||||||||||
Combined fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 209,771 | $ | 218,999 | $ | 289,686 | $ | 290,964 | $ | 308,788 | $ | 283,464 | $ | 256,824 | |||||||||||||
Capitalized interest | 3,739 | 2,304 | 3,577 | 6,807 | 19,218 | 19,410 | 15,992 | ||||||||||||||||||||
Preferred dividends (3) | 47,218 | 38,081 | 53,289 | 42,555 | 42,082 | 34,038 | 30,568 | ||||||||||||||||||||
Total combined fixed charges | $ | 260,728 | $ | 259,384 | $ | 346,552 | $ | 340,326 | $ | 370,088 | $ | 336,912 | $ | 303,384 | |||||||||||||
Ratio of earnings to combined fixed charges(4) | — | 1.15 | 1.17 | — | 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 nine months ended September 30, 2011 and the year ended December 31, 2009 were inadequate to cover combined fixed charges by $6,684 and $53,881, respectively. |