1
EXHIBIT 12.1
FelCor Lodging Limited Partnership
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
Year Ended December 31,
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1996 1997 1998 1999
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
EARNINGS
Income (loss) before extraordinary items $ 48,881 $ 69,652 $ 124,414 $ 136,889
Add minority interest in consolidated subsidiaries 573 1,121 2,713
Deduct income from equity investees (2,010) (6,963) (7,017) (8,484)
Fixed charges 11,133 29,811 77,724 130,685
Plus preferred distributions 7,734 11,797 21,423 24,735
--------- --------- --------- ---------
Add fixed charges and preferred distributions 18,867 41,608 99,147 155,420
Add amortization of capitalized interest 129 227 667 1,109
Add distributed income of investments in
unconsolidated joint ventures 1,954 4,211 19,066 19,581
Deduct capitalized interest (1,330) (1,019) (4,542) (5,249)
--------- --------- --------- ---------
Earnings $ 66,491 $ 108,289 $ 232,856 $ 301,979
========= ========= ========= =========
FIXED CHARGES
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436
Capitalized interest 1,330 1,019 4,542 5,249
--------- --------- --------- ---------
Total fixed charges 11,133 29,811 77,724 130,685
Add - preferred distributions 7,734 11,797 21,423 24,735
--------- --------- --------- ---------
Total fixed charges and preferred distributions $ 18,867 $ 41,608 $ 99,147 $ 155,420
========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 3.5% 2.6% 2.3% 1.9%
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions
Earnings from above $ 66,491 $ 108,289 $ 232,856 $ 301,979
Add: Reserve for sale of hotels
Lease termination costs -- -- -- --
--------- --------- --------- ---------
Adjusted Earnings $ 66,491 $ 108,289 $ 232,856 $ 301,979
========= ========= ========= =========
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions 3.5% 2.6% 2.3% 1.9%
Three Months Ended
March 31,
(Unaudited)
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2000 2000 2001
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
EARNINGS
Income (loss) before extraordinary items $ 70,256 $ 19,931 $ (9,012)
Add minority interest in consolidated subsidiaries 3,570 968 1,756
Deduct income from equity investees (14,820) (1,879) (2,150)
Fixed charges 159,700 38,127 40,212
Plus preferred distributions 24,682 6,184 6,150
--------- --------- ---------
Add fixed charges and preferred distributions 184,382 44,311 46,362
Add amortization of capitalized interest 1,200 277 300
Add distributed income of investments in
unconsolidated joint ventures 25,358 4,519 1,565
Deduct capitalized interest (1,080) (223) (119)
--------- --------- ---------
Earnings $ 268,866 $ 67,904 $ 38,702
========= ========= =========
FIXED CHARGES
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 158,620 $ 37,904 $ 40,093
Capitalized interest 1,080 223 119
--------- --------- ---------
Total fixed charges 159,700 38,127 40,212
Add - preferred distributions 24,682 6,184 6,150
--------- --------- ---------
Total fixed charges and preferred distributions $ 184,382 $ 44,311 $ 46,362
========= ========= =========
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.5% 1.5% 0.8%
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions
Earnings from above $ 268,866 $ 67,904 $ 38,702
Add: Reserve for sale of hotels 63,000
Lease termination costs -- -- 36,226
--------- --------- ---------
Adjusted Earnings $ 331,866 $ 67,904 $ 74,928
========= ========= =========
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions 1.8% 1.5% 1.6%
2
Pro Forma
(Unaudited)
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Three Months
Year Ended Ended
December 31, March 31,
2000 2001
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
EARNINGS
Income (loss) before extraordinary items $ 176,757 $ 45,463
Add minority interest in consolidated subsidiaries 3,567 1,767
Deduct income from equity investees (11,551) (2,150)
Fixed charges 312,718 80,982
Plus preferred distributions 35,747 8,916
--------- ---------
Add fixed charges and preferred distributions 348,465 89,898
Add amortization of capitalized interest 1,200 300
Add distributed income of investments in
unconsolidated joint ventures 25,358 1,565
Deduct capitalized interest (3,557) (651)
--------- ---------
Earnings $ 540,239 $ 136,192
========= =========
FIXED CHARGES
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 309,161 $ 80,331
Capitalized interest 3,557 651
--------- ---------
Total fixed charges 312,718 80,982
Add - preferred distributions 35,747 8,916
--------- ---------
Total fixed charges and preferred distributions $ 348,465 $ 89,898
========= =========
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.6% 1.5%
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions
Earnings from above $ 540,239 $ 136,192
Add: Reserve for sale of hotels 63,000
Lease termination costs -- --
--------- ---------
Adjusted Earnings 603,239 $ 136,192
========= =========
Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred
Distributions 1.7% 1.5%