EXHIBIT 12.1
FELCOR LODGING TRUST INCORPORATED
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Year Ended December 31, | Six Months Ended June 30, | |||||
| 2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 |
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Income (loss) from continuing operations | 38,941 | (52,492) | (62,020) | (181,400) | (108,269) | (49,366) | 4,470 |
Minority interests | 5,377 | (9,531) | (6,099) | 13,954 | (7,755) | (2,764) | (975) |
Equity in Income of unconsolidated entities | (14,820) | (7,346) | 10,127 | 2,370 | (17,121) | (3,673) | (4,968) |
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | 29,498 | (69,369) | (57,992) | (197,724) | (133,145) | (55,803) | (1,473) |
Fixed charges: |
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Interest expense: | 158,620 | 159,177 | 164,368 | 167,431 | 152,394 | 81,114 | 67,614 |
Capitalized interest: | 1,080 | 811 | 775 | 588 | 1,489 | 200 | 979 |
The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness | 159,700 | 159,988 | 165,143 | 168,019 | 153,883 | 81,314 | 68,593 |
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Amortization of capitalized interest | 1,200 | 1,269 | 1,225 | 819 | 924 | 398 | 458 |
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Distributed income of equity investees | 25,358 | 8,132 | 11,310 | 8,848 | 22,831 | 3,129 | 4,671 |
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Interest capitalized | (1,080) | (811) | (775) | (588) | (1,489) | (200) | (979) |
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Earnings | 214,676 | 99,209 | 118,911 | (20,626) | 43,004 | 28,838 | 71,270 |
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Fixed charges | 159,700 | 159,988 | 165,143 | 168,019 | 153,883 | 81,314 | 68,593 |
Preferred Distributions | 24,682 | 24,600 | 26,292 | 26,908 | 35,130 | 15,696 | 19,900 |
Total Fixed Charges and Preferred Distributions | 184,382 | 184,588 | 191,435 | 194,927 | 189,013 | 97,010 | 88,493 |
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Ratio of Earnings to Fixed Charges and Preferred Distributions | 1.2 | 0.5 | 0.6 | (0.1) | 0.2 | 0.3 | 0.8 |
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Deficiency |
| 85,379 | 72,524 | 215,553 | 146,009 | 68,172 | 17,223 |