1
EXHIBIT 12.1
FelCor Lodging Limited Partnership
Ratio of Earnings to Fixed Charges
Year Ended December 31,
----------------------------------------------------
1996 1997 1998 1999
--------- --------- --------- ---------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
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
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 $ 58,757 $ 96,492 $ 211,433 $ 277,244
========= ========= ========= =========
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
--------- --------- --------- ---------
Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x
Additional amount needed to have minimum ratio of 1.0
Adjusted Ratio of Earnings to Fixed Charges
Earnings from above $ 58,757 $ 96,492 $ 211,433 $ 277,244
Add: Reserve for sale of hotels
Lease termination costs -- -- -- --
--------- --------- --------- ---------
Adjusted Earnings $ 58,757 $ 96,492 $ 211,433 $ 277,244
========= ========= ========= =========
Adjusted Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x
Three Months Ended
March 31,
(Unaudited)
---------- -----------------------
2000 2000 2001
--------- --------- ---------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
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
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 $ 244,184 $ 61,720 $ 32,552
========= ========= =========
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
========= ========= =========
Ratio of Earnings to Fixed Charges 1.5% 1.6% 0.8%
Additional amount needed to have minimum ratio of 1.0 7,660
Adjusted Ratio of Earnings to Fixed Charges
Earnings from above $ 244,184 $ 61,720 $ 32,552
Add: Reserve for sale of hotels 63,000
Lease termination costs -- -- 36,226
--------- --------- ---------
Adjusted Earnings $ 307,184 $ 61,720 $ 68,778
========= ========= =========
Adjusted Ratio of Earnings to Fixed Charges 1.9x 1.6x 1.7x
2
Pro Forma
(Unaudited)
---------------------------
Three Months
Year Ended Ended
December 31, March 31,
2000 2001
------------ ------------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
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
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 $ 504,492 $ 127,276
========= =========
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
========= =========
Ratio of Earnings to Fixed Charges 1.6x 1.6x
Additional amount needed to have minimum ratio of 1.0
Adjusted Ratio of Earnings to Fixed Charges
Earnings from above $ 504,492 $ 127,276
Add: Reserve for sale of hotels 63,000
Lease termination costs -- --
--------- ---------
Adjusted Earnings $ 567,492 $ 127,276
========= =========
Adjusted Ratio of Earnings to Fixed Charges 1.8x 1.6x