EXHIBIT 12
LA QUINTA INNS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
THREE MONTHS
ENDED MARCH 31 YEARS ENDED DECEMBER 31
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1996 1995 1995 1994 1993 1992 1991
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Earnings (loss)before income taxes,
extraordinary items and cumulative
effect of accounting change(1)........ $17,249 $18,000 $ 82,994 $ 61,991 $31,836 $(7,270) $ 2,185
Partners' equity in earnings........... 443 4,428 10,227 11,406 12,965 15,081 9,421
Partners' equity in earnings of
combined unincorporated ventures
that do not have fixed charges........ (318) (437) (1,854) (1,577) (1,652) (1,504) (845)
Fixed charges.......................... 11,405 10,851 42,797 40,814 32,477 34,270 40,012
Interest capitalized................... (815) (58) (1,313) (889) - (50) -
Amortization of capitalized interest... 210 199 803 772 799 799 1,064
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Earnings as adjusted................. $28,174 $32,983 $133,654 $112,517 $76,425 $41,326 $51,837
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Fixed charges:
Interest on long-term debt (before
capitalized interest)............... $11,135 $10,602 $ 41,734 $ 39,749 $31,366 $33,137 $38,713
Portion of rental expense
allocated to interest............... 270 249 1,063 1,065 1,111 1,133 1,299
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Total fixed charges................ $11,405 $10,851 $ 42,797 $ 40,814 $32,477 $34,270 $40,012
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Ratio of earnings to fixed charges..... 2.5x 3.0x 3.1x 2.8x 2.4x 1.2x 1.3x
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(1) The Three Months Ended March 31, 1996 and Year Ended December 31, 1995,
includes a non-cash provision for premature retirement of assets totaling
$6,635 and $12,630, respectively.
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