EX-12.2 3 exhibit122-93012x10q.htm COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS Exhibit 12.2-9.30.12-10Q

EXHIBIT 12.2
ENTERTAINMENT PROPERTIES TRUST
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(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 before preferred distributions
 
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

Preferred distributions
 
18,005

 
28,140

 
30,206

 
30,206

 
28,266

 
21,312

 
 
 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Distributions
 
$
75,154

 
$
100,271

 
$
102,151

 
$
95,611

 
$
93,686

 
$
78,280

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
 
2.0
x
 
1.8
x
 
1.8
x
 
1.0
x
 
2.0
x
 
2.0
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 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.