COMPUTATION OF RATIO OF EARNIGS TO FIXED CHARGES
Published on March 1, 2010
EXHIBIT 12.1
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Earnings: |
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| Income (loss) before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations (1) |
$ | (12,801 | ) | $ | 125,568 | $ | 97,503 | $ | 80,535 | $ | 68,188 | |||||||||
| Fixed charges |
73,390 | 72,658 | 61,376 | 49,092 | 44,203 | |||||||||||||||
| Distributions from equity investments |
986 | 2,262 | 1,239 | 874 | 855 | |||||||||||||||
| Capitalized interest |
(600 | ) | (797 | ) | (494 | ) | (100 | ) | (160 | ) | ||||||||||
| Adjusted Earnings |
$ | 60,975 | $ | 199,691 | $ | 159,624 | $ | 130,401 | $ | 113,086 | ||||||||||
| Fixed Charges: |
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| Interest expense, net (including amortization of deferred financing fees) |
$ | 72,715 | $ | 70,951 | $ | 60,505 | $ | 48,866 | $ | 43,749 | ||||||||||
| Interest income |
75 | 910 | 377 | 126 | 294 | |||||||||||||||
| Capitalized interest |
600 | 797 | 494 | 100 | 160 | |||||||||||||||
| Total Fixed Charges |
$ | 73,390 | $ | 72,658 | $ | 61,376 | $ | 49,092 | $ | 44,203 | ||||||||||
| Ratio of Earnings to Fixed Charges |
0.8x | 2.7x | 2.6x | 2.7x | 2.6x | |||||||||||||||
(1) Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2009 includes $42.2 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.