EXHIBIT 12.1
FELCOR LODGING TRUST INCORPORATED
Ration of Earnings to Combined Fixed Charges and Preferred Distributions
Year Ended December 31,
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1996 1997 1998 1999 2000 2001
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Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
Earnings
Income (loss) before extraordinary items $43,291 $63,835 $117,914 $132,193 $65,564 $(38,006)
Add:
Minority Interest 5,590 6,390 7,621 7,409 8,262 (7,283)
Fixed Charges 18,867 41,608 99,147 155,420 184,382 186,637
Amortization of capitalized interest 129 227 667 1,109 1,200 1,269
Cash distributions from unconsolidated entities 1,954 4,211 19,066 19,581 25,358 8,132
Deduct:
Equity in Income from uncon subs (2,010) (6,963) (7,017) (8,484) (14,820) (7,346)
Deduct capitalized interest (1,330) (1,019) (4,542) (5,249) (1,080) (811)
--------- ------------ --------- --------- -------- ----------
Earnings $66,491 $108,289 $232,856 $301,979 $268,866 $142,592
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Fixed Charges
Interest expensed -includes amortization of
discount, premium and capitalized expenses
related to debt $ 9,803 $28,792 $ 73,182 $125,436 $158,620 $161,226
Capitalized interest 1,330 1,019 4,542 5,249 1,080 811
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Total fixed charges 11,133 29,811 77,724 130,685 159,700 162,037
Add preferred distributions 7,734 11,797 21,423 24,735 24,682 24,600
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Total fixed charges $18,867 $41,608 $99,147 $155,420 $184,382 $186,637
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Ratio of Earnings to Combined Fixed Charges 3.5% 2.6% 2.3% 1.9% 1.5% 0.8%
and preferred distributions
Amount needed to reach 1x $44,045