Exhibit 12
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests | $ | 34,196 | $ | 32,596 | $ | 153,494 | $ | 128,966 | $ | (8,736 | ) | $ | 70,793 | $ | 146,378 | ||||||||||||
Fixed charges less capitalized interest and preferred dividends | 60,092 | 68,313 | 271,704 | 289,686 | 290,964 | 308,787 | 283,464 | ||||||||||||||||||||
Distributed income of equity investees | 3,167 | 1,459 | 9,586 | 4,959 | 12,665 | 15,661 | 9,450 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (23 | ) | (50 | ) | — | (1,646 | ) | — | — | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (968 | ) | (1,013 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | (5,278 | ) | |||||||||||||
Total earnings | $ | 96,464 | $ | 101,305 | $ | 430,626 | $ | 417,762 | $ | 289,992 | $ | 391,355 | $ | 434,014 | |||||||||||||
Combined fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 60,092 | $ | 68,313 | $ | 271,704 | $ | 289,686 | $ | 290,964 | $ | 308,787 | $ | 283,464 | |||||||||||||
Capitalized interest | 662 | 1,042 | 4,955 | 3,577 | 6,807 | 18,938 | 15,414 | ||||||||||||||||||||
Preferred dividends (3) | 15,738 | 15,679 | 63,020 | 53,289 | 42,555 | 42,082 | 34,038 | ||||||||||||||||||||
Total combined fixed charges | $ | 76,492 | $ | 85,034 | $ | 339,679 | $ | 346,552 | $ | 340,326 | $ | 369,807 | $ | 332,916 | |||||||||||||
Ratio of earnings to combined fixed charges (4) | 1.26 | 1.19 | 1.27 | 1.21 | — | 1.06 | 1.30 | ||||||||||||||||||||
(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. |