EX-12.2 3 dex122.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Computation of Ratio of Earnings to Combined Fixed Charges

Exhibit 12.2

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(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, gain on acquisition, 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 before preferred distributions

      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   

Preferred distributions

      7,552        30,206        30,206        28,266        21,312        11,857   
                                                

Combined Fixed Charges and Preferred Distributions

    $ 26,499        103,148      $ 96,628      $ 93,963      $ 78,280      $ 60,949   
                                                

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

      1.5x        1.8x        1.0x        2.1x        2.0x        2.1x   
                                                

 

(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.