CBL & Associates Properties (CBL) 10-K 2011 FY Annual report

Exhibit 12

CBL & Associates Properties, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges

(in thousands, except ratios)

	Year Ended December 31,
	2011			2010			2009			2008			2007
Earnings:
Income (loss) before discontinued operations, equity        in earnings and noncontrolling interests	$	149,347		$	128,966		$	(8,736	)	$	70,793		$	146,378
Fixed charges less capitalized interest        and preferred dividends	271,704			289,686			290,964			308,787			283,464
Distributed income of equity investees	9,586			4,959			12,665			15,661			9,450
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	(4,158		)	(4,203		)	(4,901		)	(3,886		)	(5,278		)
Total earnings	$	426,479		$	417,762		$	289,992		$	391,355		$	434,014
Combined fixed charges (1):
Interest expense (2)	$	271,704		$	289,686		$	290,964		$	308,787		$	283,464
Capitalized interest	4,955			3,577			6,807			19,218			19,410
Preferred dividends (3)	63,020			53,289			42,555			42,082			34,038
Total combined fixed charges	$	339,679		$	346,552		$	340,326		$	370,087		$	336,912
Ratio of earnings to combined fixed charges(4)	1.26			1.21			—			1.06			1.29

(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 $50,334.