EX-12.2 3 d241129dex122.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

EXHIBIT 12.2

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(dollars in thousands)

 

     Nine Months Ended
September 30,
2011		     Year Ended December 31,  
       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)

    $ 63,710      $ 115,096      $ 33,629      $ 124,790      $ 96,239      $ 80,521   

Fixed charges before preferred distributions

      54,433        72,731        66,206        65,638        56,968        49,092   

Distributions from equity investments

      2,176        2,482        986        2,262        1,239        874   

Capitalized interest

      (386 )      (383 )      (600 )      (797 )      (494 )      (100 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

    $ 119,933      $ 189,926      $ 100,221      $ 191,893      $ 153,952      $ 130,387   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

             

Interest expense, net (including amortization of deferred financing fees)

    $ 54,021      $ 72,311      $ 65,531      $ 63,931      $ 56,097      $ 48,866   

Interest income

      26        37        75        910        377        126   

Capitalized interest

      386        383        600        797        494        100   

Preferred distributions

      22,138        30,206        30,206        28,266        21,312        11,857   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined Fixed Charges and Preferred Distributions

    $ 76,571      $ 102,937      $ 96,412      $ 93,904      $ 78,280      $ 60,949   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

      1.6x        1.9x        1.0x        2.0x        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 nine months ended September 30, 2011 includes a $27.1 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 $2.1 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.