Exhibit 12.1 FelCor Lodging Trust Incorporated Computation of Ratio of Earnings To Combined Fixed Charges and Preferred Distributions 1999 2000 2001 2002 2003 ----- ----- ----- ---- ---- (amounts in thousands) Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees 110,395 43,377 (60,496) (110,123) (319,226) Fixed charges: The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebetedness 128,975 158,024 160,591 165,692 168,169 Amortization of capitalized interest 1,109 1,200 1,269 1,225 1,191 Distributed income of equity investees 19,581 25,358 8,132 11,310 8,848 Interest capitalized (5,249) (1,080) (811) (775) (588) ---------- ---------- ----------- ------------ ---------- Earnings 254,811 226,879 108,685 67,329 (141,606) ========== ========== =========== ============ ========== Combined Fixed Charges and Preferred distributions 153,710 182,706 185,191 191,984 195,077 ========== ========== =========== ============ ========== Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.7 1.2 (a) (b) (c) <FN> (a) For the year ended December 31, 2001 we incurred a loss from continuing operations. Our earnings would have had to have been $77 million greater than they were to have covered our fixed charges and preferred stock dividends. During 2001, we had cash flow provided by operating activities of $145 million, which was sufficient to cover the $25 million of dividends to preferred stockholders for that year. (b) For the year ended December 31, 2002 we incurred a loss from continuing operations. Our earnings would have had to have been $125 million greater than they were to have covered our fixed charges and preferred stock dividends. During 2002, we had cash flow provided by operating activities of $107 million, which was sufficient to cover our $57 million of common and preferred dividends for that year. (c) For the year ended December 31, 2003 we incurred a loss from continuing operations. Our earnings would have had to have been $370 million greater than they were to have covered our fixed charges and preferred stock dividends. During 2003, we had cash flow provided by operating activities of $48 million, which was sufficient to cover our $36 million of common and preferred dividends paid that year. </FN>