Exhibit 12.1

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Three Months Ended March 31,			Year Ended December 31,
	2011			2010			2009			2008			2007			2006
Earnings:
Income before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations (1)	$	20,881			114,583		$	30,871		$	126,779		$	97,077		$	80,521
Fixed charges		18,947			72,942			66,422			65,697			56,968			49,092
Distributions from equity investments		652			2,482			986			2,262			1,239			874
Capitalized interest		(97	)		(383	)		(600	)		(797	)		(494	)		(100	)
Adjusted Earnings	$	40,383			189,624		$	97,679		$	193,941		$	154,790		$	130,387
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)	$	18,845			72,522		$	65,747		$	63,990		$	56,097		$	48,866
Interest income		5			37			75			910			377			126
Capitalized interest		97			383			600			797			494			100
Total Fixed Charges	$	18,947			72,942		$	66,422		$	65,697		$	56,968		$	49,092
Ratio of Earnings to Fixed Charges		2.1x			2.6x			1.5x			3.0x			2.7x			2.7x

(1) Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the three months ended March 31, 2011 includes a $1.8 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 $6.4 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.