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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1997 1996 1996 1995 1994 1993 1992
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Earnings (loss) before income
taxes, extraordinary items and
cumulative effect of
accounting change (1) ............ $26,426 $17,249 $ 96,379 $ 82,994 $ 61,991 $31,836 $(7,270)
Partners' equity in earnings....... 233 443 1,499 10,227 11,406 12,965 15,081
Partners' equity in earnings
of combined unincorporated
ventures that do not have
fixed charges..................... - (318) (770) (1,854) (1,577) (1,652) (1,504)
Fixed charges...................... 13,925 11,405 48,983 42,797 40,814 32,477 34,270
Interest capitalized............... (2,120) (815) (5,429) (1,313) (889) - (50)
Amortization of capitalized
interest.......................... 240 210 893 803 772 799 799
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Earnings as adjusted............ $38,704 $28,174 $141,555 $133,654 $112,517 $76,425 $41,326
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Fixed charges:
Interest on long-term debt
(before capitalized interest).. $13,642 $11,135 $ 47,897 $ 41,734 $ 39,749 $31,366 $33,137
Portion of rental expense
allocated to interest.......... 283 270 1,086 1,063 1,065 1,111 1,133
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Total fixed charges.......... $13,925 $11,405 $ 48,983 $ 42,797 $ 40,814 $32,477 $34,270
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Ratio of earnings to fixed
charges........................... 2.8x 2.5x 2.9x 3.1x 2.8x 2.4x 1.2x
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(1) The Three Months Ended March 31, 1996 and Years Ended December 31, 1996 and
1995, include a non-cash provision for premature retirement of assets
totaling $6,635, $18,076 and $12,630, respectively.
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