CBL & Associates Limited Partnership 10-K 2015 FY Annual report

Exhibit 12.2

CBL & Associates Limited Partnership

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(in thousands, except ratios)

	Year Ended December 31,
	2015			2014			2013			2012			2011
Earnings:
Income before discontinued operations, equity in earnings and noncontrolling interests	$	103,756		$	242,675		$	105,006		$	179,140		$	148,817
Fixed charges less capitalized interest and preferred dividends	229,458			239,844			231,934			242,357			262,978
Distributed income of equity investees	21,092			21,866			15,995			17,074			9,586
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	(152		)	(273		)	(3,069		)	(3,729		)	(4,158		)
Total earnings	$	353,957		$	504,049		$	349,822		$	434,842		$	417,223
Combined fixed charges and preferred dividends (1):
Interest expense (2)	$	229,458		$	239,844		$	231,934		$	242,357		$	262,978
Capitalized interest	4,153			7,246			5,837			2,671			4,955
Preferred dividends (3)	44,892			44,892			59,529			68,197			63,020
Total combined fixed charges and preferred dividends	$	278,503		$	291,982		$	297,300		$	313,225		$	330,953
Ratio of earnings to combined fixed charges and preferred dividends	1.27			1.73			1.18			1.39			1.26

(1)	The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant.
(2)	Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.
(3)	Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC through September 2013, when the outstanding perpetual preferred joint venture units were redeemed.