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EXHIBIT 12.1
FELCOR SUITES LIMITED PARTNERSHIP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
THE RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DISTRIBUTIONS
(Dollars in Thousands)
HISTORICAL
PERIOD FROM
JULY 28, 1994
(INCEPTION OF YEAR ENDED DECEMBER 31, NINE MONTHS ENDED SEPTEMBER 30,
OPERATIONS) ----------------------------------- ----------------------------------
THROUGH HISTORICAL PRO FORMA HISTORICAL PRO FORMA
DECEMBER 31, ---------------------- --------- ---------------------- ---------
1994 1995 1996 1996 1996 1997 1997
--------- --------- --------- --------- --------- --------- ---------
Earnings:
Income from continuing operations
before extraordinary items $ 3,418 $ 15,322 $ 48,881 $ 67,591 $ 39,725 $ 52,641 $ 62,106
Adjustments:
Fixed charges, as below 109 2,004 11,133 34,159 6,900 20,763 28,910
Interest capitalized (1,330) (1,330) (627) (666) (666)
--------- --------- --------- --------- --------- --------- ---------
Earnings as adjusted $ 3,527 $ 17,326 $ 58,684 $ 100,420 $ 45,998 $ 72,738 $ 90,350
========= ========= ========= ========= ========= ========= =========
Fixed Charges:
Interest expense $ 109 $ 2,004 $ 9,803 $ 32,829 $ 6,273 $ 20,097 $ 28,244
Interest capitalized 1,330 1,330 627 666 666
--------- --------- --------- --------- --------- --------- ---------
Total fixed charges $ 109 $ 2,004 $ 11,133 $ 34,159 $ 6,900 $ 20,763 $ 28,910
========= ========= ========= ========= ========= ========= =========
Preferred distribution $ $ $ 7,734 $ 11,798 $ 4,784 $ 8,848 $ 8,848
========= ========= ========= ========= ========= ========= =========
Fixed Charge Coverage Ratio (1) 32.4 x 8.6 x 5.3 x 2.9 x 6.7 x 3.5 x 3.1x
Fixed Charges and Preferred Distribution
Coverage Ratio (2) 32.4 x 8.6 x 3.1 x 2.2 x 3.9 x 2.5 x 2.4x
- ----------
(1) Computed as Earnings divided by Fixed Charges
(2) Computed as Earnings divided by Fixed Charges and Preferred
Distributions
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FELCOR SUITE HOTELS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
THE RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
HISTORICAL
PERIOD FROM
JULY 28, 1994
(INCEPTION OF YEAR ENDED DECEMBER 31, NINE MONTHS ENDED SEPTEMBER 30,
OPERATIONS) ----------------------------------- ---------------------------------
THROUGH HISTORICAL PRO FORMA HISTORICAL PRO FORMA
DECEMBER 31, --------------------- --------- -------------------- ---------
1994 1995 1996 1996 1996 1997 1997
------- -------- -------- --------- -------- ------- ---------
Earnings:
Income from continuing operations
before extraordinary items $ 2,511 $ 12,191 $ 43,291 $ 62,623 $ 35,106 $ 48,057 $ 57,529
Adjustments:
Minority interest in Operating
Partnership 907 3,131 5,590 5,120 4,619 4,584 4,577
Fixed charges, as below 109 2,004 11,133 34,159 6,900 20,763 28,910
Interest capitalized (1,330) (1,330) (627) (666) (666)
------- -------- -------- --------- -------- ------- -------
Earnings as adjusted $ 3,527 $ 17,326 $ 58,684 $ 100,420 $ 45,998 $72,738 $90,350
======= ======== ======== ========= ======== ======= =======
Fixed Charges:
Interest expense $ 109 $ 2,004 $ 9,803 $ 32,829 $ 6,273 $20,097 $28,244
Interest capitalized 1,330 1,330 627 666 666
------- -------- -------- --------- -------- ------- -------
Total fixed charges $ 109 $ 2,004 $ 11,133 $ 34,159 $ 6,900 $20,763 $28,910
======= ======== ======== ========= ======== ======= =======
Preferred stock dividend $ $ $ 7,734 $ 11,798 $ 4,784 $ 8,848 $ 8,848
======= ======== ======== ========= ======== ======= =======
Fixed Charge Coverage Ratio (1) 32.4 x 8.6 x 5.3 x 2.9 x 6.7 x 3.5 x 3.1x
Fixed Charges and Preferred Stock
Dividend Coverage Ratio (2) 32.4 x 8.6 x 3.1 x 2.2 x 3.9 x 2.5 x 2.4x
- ---------
(1) Computed as Earnings divided by Fixed Charges
(2) Computed as Earnings divided by Fixed Charges and Preferred
Distributions