Exhibit 12.1
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 134,110 | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 218,680 | 216,318 | 229,458 | 239,844 | 231,934 | ||||||||||||||
Distributed income of equity investees | 22,373 | 16,603 | 21,095 | 21,866 | 15,995 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (197 | ) | (63 | ) | (44 | ) | |||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (448 | ) | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | |||||||||
Total earnings | $ | 374,715 | $ | 308,729 | $ | 353,960 | $ | 504,049 | $ | 349,822 | |||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||
Interest expense (2) | $ | 218,680 | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | |||||||||
Capitalized interest | 2,222 | 2,302 | 4,153 | 7,246 | 5,837 | ||||||||||||||
Preferred dividends (3) | 44,892 | 44,892 | 44,892 | 44,892 | 59,529 | ||||||||||||||
Total combined fixed charges and preferred dividends | $ | 265,794 | $ | 263,512 | $ | 278,503 | $ | 291,982 | $ | 297,300 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.41 | 1.17 | 1.27 | 1.73 | 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. |
169