Exhibit 12
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands, except ratios)
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 53,114 | $ | 67,335 | $ | 185,578 | $ | 154,515 | $ | 128,059 | $ | 104,106 | $ | 74,684 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 117,126 | 121,429 | 244,432 | 267,442 | 285,169 | 286,242 | 301,522 | ||||||||||||||||||||
Distributed income of equity investees | 7,911 | 7,314 | 17,074 | 9,586 | 4,959 | 12,665 | 15,661 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (27 | ) | — | — | — | (1,646 | ) | — | — | ||||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (2,140 | ) | (1,310 | ) | (3,729 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | |||||||||||||
Total earnings | $ | 175,984 | $ | 194,768 | $ | 443,355 | $ | 427,385 | $ | 412,338 | $ | 398,112 | $ | 387,981 | |||||||||||||
Combined fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 117,126 | $ | 121,429 | $ | 244,432 | $ | 267,442 | $ | 285,169 | $ | 286,242 | $ | 301,522 | |||||||||||||
Capitalized interest | 1,956 | 1,259 | 2,671 | 4,955 | 3,577 | 6,807 | 19,218 | ||||||||||||||||||||
Preferred dividends (3) | 32,674 | 31,474 | 68,197 | 63,020 | 53,289 | 42,555 | 42,082 | ||||||||||||||||||||
Total combined fixed charges | $ | 151,756 | $ | 154,162 | $ | 315,300 | $ | 335,417 | $ | 342,035 | $ | 335,604 | $ | 362,822 | |||||||||||||
Ratio of earnings to combined fixed charges | 1.16 | 1.26 | 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. | |||||||||||||||||||||||||||