EXHIBIT 12.1

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Year Ended December 31,
	2011			2010			2009			2008			2007
Earnings:
Income before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations (1)	$	99,716		$	115,095		$	33,629		$	124,792		$	96,238
Fixed charges	72,210			72,731			66,206			65,638			56,968
Distributions from equity investments	2,848			2,482			986			2,262			1,239
Capitalized interest	(498		)	(383		)	(600		)	(797		)	(494		)
Adjusted Earnings	$	174,276		$	189,925		$	100,221		$	191,895		$	153,951
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)	$	71,679		$	72,311		$	65,531		$	63,931		$	56,097
Interest income	33			37			75			910			377
Capitalized interest	498			383			600			797			494
Total Fixed Charges	$	72,210		$	72,731		$	66,206		$	65,638		$	56,968
Ratio of Earnings to Fixed Charges	2.4		x	2.6		x	1.5		x	2.9		x	2.7		x

(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, 2011 includes a $27.1 million impairment charge for properties held and used. Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2010 includes a $0.5 million impairment charge for other assets and $0.7 million in provision for loan losses.  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 $2.1 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.