COMUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
Published on February 26, 2008
EXHIBIT 12.2
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(dollars in thousands)
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Income before gain on sale of land, income
from joint ventures and minority interests |
$ | 97,499 | $ | 80,647 | $ | 68,300 | $ | 53,836 | $ | 38,603 | ||||||||||
Fixed charges before preferred distributions |
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 | |||||||||||||||
Preferred distributions |
21,312 | 11,857 | 11,353 | 6,213 | 6,963 | |||||||||||||||
Combined Fixed Charges and Preferred
Distributions |
$ | 82,688 | $ | 60,949 | $ | 55,556 | $ | 47,891 | $ | 39,256 | ||||||||||
Ratio of Earnings to Combined Fixed Charges
and Preferred Distributions |
1.9x | 2.1x | 2.0x | 2.0x | 1.8x | |||||||||||||||