COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on February 26, 2008
EXHIBIT 12.1
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Income before gain on sale of land, equity
in income from joint ventures, minority
interests and discontinued operations |
$ | 97,499 | $ | 80,647 | $ | 68,300 | $ | 53,836 | $ | 38,603 | ||||||||||
Fixed charges |
61,376 | 49,092 | 44,203 | 41,678 | 32,293 | |||||||||||||||
Distributions from equity investments |
1,239 | 874 | 855 | 811 | 486 | |||||||||||||||
Capitalized interest |
(494 | ) | (100 | ) | (160 | ) | (688 | ) | (832 | ) | ||||||||||
Adjusted Earnings |
$ | 159,620 | $ | 130,513 | $ | 113,198 | $ | 95,637 | $ | 70,550 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense, net (including amortization
of deferred financing fees) |
$ | 60,505 | $ | 48,866 | $ | 43,749 | $ | 40,011 | $ | 31,022 | ||||||||||
Interest income |
377 | 126 | 294 | 979 | 439 | |||||||||||||||
Capitalized interest |
494 | 100 | 160 | 688 | 832 | |||||||||||||||
Total Fixed Charges |
$ | 61,376 | $ | 49,092 | $ | 44,203 | $ | 41,678 | $ | 32,293 | ||||||||||
Ratio of Earnings to Fixed Charges |
2.6x | 2.7x | 2.6x | 2.3x | 2.2x | |||||||||||||||