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:
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:
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.