Exhibit 12
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 186,315 | $ | 154,655 | $ | 128,059 | $ | 104,394 | $ | 76,401 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 244,432 | 267,442 | 285,169 | 286,242 | 301,522 | ||||||||||||||
Distributed income of equity investees | 17,074 | 9,586 | 4,959 | 12,665 | 15,661 | ||||||||||||||
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 | (3,729 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | |||||||||
Total earnings | $ | 444,092 | $ | 427,525 | $ | 412,338 | $ | 398,400 | $ | 389,698 | |||||||||
Combined fixed charges (1): | |||||||||||||||||||
Interest expense (2) | $ | 244,432 | $ | 267,442 | $ | 285,169 | $ | 286,242 | $ | 301,522 | |||||||||
Capitalized interest | 2,671 | 4,955 | 3,577 | 6,807 | 19,218 | ||||||||||||||
Preferred dividends (3) | 68,197 | 63,020 | 53,289 | 42,555 | 42,082 | ||||||||||||||
Total combined fixed charges | $ | 315,300 | $ | 335,417 | $ | 342,035 | $ | 335,604 | $ | 362,822 | |||||||||
Ratio of earnings to combined fixed charges | 1.41 | 1.27 | 1.21 | 1.19 | 1.07 |
(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. |