EX-12.1 2 d87903ex12-1.txt STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 12.1 FelCor Lodging Limited Partnership Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
Year Ended December 31, ----------------------------------------------------------------- 1996 1997 1998 1999 2000 --------- --------- --------- --------- --------- RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS EARNINGS: Income (loss) before extraordinary items $ 48,881 $ 69,652 $ 124,414 $ 136,889 $ 70,256 Add minority interest in consolidated subsidiaries 573 1,121 2,713 3,570 Deduct income from equity investees (2,010) (6,963) (7,017) (8,484) (14,820) Add fixed charges and preferred distributions 18,867 41,608 99,147 155,420 184,382 Add amortization of capitalized interest 129 227 667 1,109 1,200 Add distributed income of investments in unconsolidated joint ventures 1,954 4,211 19,066 19,581 25,358 Deduct capitalized interest (1,330) (1,019) (4,542) (5,249) (1,080) --------- --------- --------- --------- --------- Earnings $ 66,491 $ 108,289 $ 232,856 $ 301,979 $ 268,866 ========= ========= ========= ========= ========= FIXED CHARGES: Interest expensed - includes amortization of discount, premium and capitalized expenses related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436 $ 158,620 Capitalized interest 1,330 1,019 4,542 5,249 1,080 --------- --------- --------- --------- --------- Total fixed charges 11,133 29,811 77,724 130,685 159,700 Add - preferred distributions 7,734 11,797 21,423 24,735 24,682 --------- --------- --------- --------- --------- Total fixed charges and preferred distributions $ 18,867 $ 41,608 $ 99,147 $ 155,420 $ 184,382 ========= ========= ========= ========= ========= Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 3.5% 2.6% 2.3% 1.9% 1.5% ADJUSTED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS Earnings from above $ 66,491 $ 108,289 $ 232,856 $ 301,979 $ 268,866 Add: Reserve for sale of hotels 63,000 Lease termination costs --------- --------- --------- --------- --------- Adjusted Earnings $ 66,491 $ 108,289 $ 232,856 $ 301,979 $ 331,866 ========= ========= ========= ========= ========= Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 3.5% 2.6% 2.3% 1.9% 1.8% Pro Forma (Unaudited) Three Months Ended -------------------------- March 31, Three Months (Unaudited) Year Ended Ended ----------------------- December 31, March 31, 2000 2001 2000 2001 --------- --------- ----------- ------------ RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS EARNINGS: Income (loss) before extraordinary items $ 19,931 $ (9,012) $ 176,758 $ 45,463 Add minority interest in consolidated subsidiaries 968 1,756 3,567 1,767 Deduct income from equity investees (1,879) (2,150) (11,551) (2,150) Add fixed charges and preferred distributions 44,311 46,362 348,512 89,910 Add amortization of capitalized interest 277 300 1,200 300 Add distributed income of investments in unconsolidated joint ventures 4,519 1,565 25,358 1,565 Deduct capitalized interest (223) (119) (3,557) (651) --------- --------- --------- --------- Earnings $ 67,904 $ 38,702 $ 540,287 $ 136,204 ========= ========= ========= ========= FIXED CHARGES: Interest expensed - includes amortization of discount, premium and capitalized expenses related to debt $ 37,904 $ 40,093 $ 309,208 $ 80,343 Capitalized interest 223 119 3,557 651 --------- --------- --------- --------- Total fixed charges 38,127 40,212 312,765 80,994 Add - preferred distributions 6,184 6,150 35,747 8,916 --------- --------- --------- --------- Total fixed charges and preferred distributions $ 44,311 $ 46,362 $ 348,512 $ 89,910 ========= ========= ========= ========= Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.5% 0.8% 1.6% 1.5% ADJUSTED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS Earnings from above $ 67,904 $ 38,702 $ 540,287 $ 136,204 Add: Reserve for sale of hotels 63,000 Lease termination costs 36,226 --------- --------- --------- --------- Adjusted Earnings $ 67,904 $ 74,928 $ 603,287 $ 136,204 ========= ========= ========= ========= Adjusted Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.5% 1.6% 1.7% 1.5%