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. |