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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 2000
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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 $ 70,256
Add minority interest in consolidated subsidiaries 573 1,121 2,713 3,570
Deduct income from equity investees (2,010) (6,963) (7,017) (8,484) (14,820)
Add fixed charges and preferred distributions 18,867 41,608 99,147 155,420 184,382
Add amortization of capitalized interest 129 227 667 1,109 1,200
Add distributed income of investments in
unconsolidated joint ventures 1,954 4,211 19,066 19,581 25,358
Deduct capitalized interest (1,330) (1,019) (4,542) (5,249) (1,080)
--------- --------- --------- --------- ---------
Earnings $ 66,491 $ 108,289 $ 232,856 $ 301,979 $ 268,866
========= ========= ========= ========= =========
FIXED CHARGES:
Interest expensed - includes amortization
of discount, premium and capitalized expenses
related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436 $ 158,620
Capitalized interest 1,330 1,019 4,542 5,249 1,080
--------- --------- --------- --------- ---------
Total fixed charges 11,133 29,811 77,724 130,685 159,700
Add - preferred distributions 7,734 11,797 21,423 24,735 24,682
--------- --------- --------- --------- ---------
Total fixed charges and preferred distributions $ 18,867 $ 41,608 $ 99,147 $ 155,420 $ 184,382
========= ========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges
and Preferred Distributions 3.5% 2.6% 2.3% 1.9% 1.5%
Pro Forma
(Unaudited)
Three Months Ended --------------------------
March 31, Three Months
(Unaudited) Year Ended Ended
----------------------- December 31, March 31,
2000 2001 2000 2001
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS EARNINGS:
Income (loss) before extraordinary items $ 19,931 $ (9,012) $ 176,758 $ 45,463
Add minority interest in consolidated subsidiaries 968 1,756 3,567 1,767
Deduct income from equity investees (1,879) (2,150) (11,551) (2,150)
Add fixed charges and preferred distributions 44,311 46,362 348,512 89,910
Add amortization of capitalized interest 277 300 1,200 300
Add distributed income of investments in
unconsolidated joint ventures 4,519 1,565 25,358 1,565
Deduct capitalized interest (223) (119) (3,557) (651)
--------- --------- --------- ---------
Earnings $ 67,904 $ 38,702 $ 540,287 $ 136,204
========= ========= ========= =========
FIXED CHARGES:
Interest expensed - includes amortization
of discount, premium and capitalized expenses
related to debt $ 37,904 $ 40,093 $ 309,208 $ 80,343
Capitalized interest 223 119 3,557 651
--------- --------- --------- ---------
Total fixed charges 38,127 40,212 312,765 80,994
Add - preferred distributions 6,184 6,150 35,747 8,916
--------- --------- --------- ---------
Total fixed charges and preferred distributions $ 44,311 $ 46,362 $ 348,512 $ 89,910
========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges
and Preferred Distributions 1.5% 0.8% 1.6% 1.5%