Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 61,005 | $ | 35,053 | $ | 105,006 | $ | 179,140 | $ | 148,817 | $ | 123,234 | $ | 99,916 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 60,572 | 59,872 | 231,934 | 242,357 | 262,978 | 280,018 | 281,041 | ||||||||||||||||||||
Distributed income of equity investees | 3,035 | 4,465 | 15,995 | 17,074 | 9,586 | 4,959 | 12,665 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | (173 | ) | (12 | ) | (44 | ) | — | — | (1,646 | ) | — | ||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (796 | ) | (883 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | |||||||||||||
Total earnings | $ | 123,643 | $ | 98,495 | $ | 349,822 | $ | 434,842 | $ | 417,223 | $ | 402,362 | $ | 388,721 | |||||||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 60,506 | $ | 59,872 | $ | 231,934 | $ | 242,357 | $ | 262,978 | $ | 280,018 | $ | 281,041 | |||||||||||||
Capitalized interest | 1,387 | 722 | 5,837 | 2,671 | 4,955 | 3,577 | 6,807 | ||||||||||||||||||||
Preferred dividends (3) | 11,223 | 16,308 | 59,529 | 68,197 | 63,020 | 53,289 | 42,555 | ||||||||||||||||||||
Total combined fixed charges and preferred dividends | $ | 73,116 | $ | 76,902 | $ | 297,300 | $ | 313,225 | $ | 330,953 | $ | 336,884 | $ | 330,403 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.69 | 1.28 | 1.18 | 1.39 | 1.26 | 1.19 | 1.18 | ||||||||||||||||||||
(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, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed. | |||||||||||||||||||||||||||