EXHIBIT 12.1

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Nine Months Ended			Year Ended December 31,
	September 30, 2012			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)	$	95,977		$	104,297		$	114,889		$	33,133		$	124,320		$	96,238
Fixed charges	57,149			72,131			71,945			65,405			65,420			56,968
Distributions from equity investments	827			2,848			2,482			986			2,262			1,239
Capitalized interest	(479		)	(498		)	(383		)	(600		)	(797		)	(494		)
Adjusted Earnings	$	153,474		$	178,778		$	188,933		$	98,924		$	191,205		$	153,951
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)	$	56,594		$	71,600		$	71,525		$	64,730		$	63,713		$	56,097
Interest income	76			33			37			75			910			377
Capitalized interest	479			498			383			600			797			494
Total Fixed Charges	$	57,149		$	72,131		$	71,945		$	65,405		$	65,420		$	56,968
Ratio of Earnings to Fixed Charges	2.7		x	2.5		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 nine months ended September 30, 2012 includes $11.3 million in impairment charges for properties held and used and $0.5 million in costs associated with loan refinancing or payoff. 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 $24.3 million in impairment charges for properties held and used and $4.9 million in costs associated with loan refinancing or payoff, net. 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, $0.7 million in provision for loan losses and $11.4 million in costs associated with loan refinancing or payoff.  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, $71.0 million in provision for loan losses and $0.1 million in costs associated with loan refinancing or payoff.