EX-12.1 2 d88442ex12-1.txt STATEMENTS RE: COMPUTATION OF RATIOS 1 EXHIBIT 12.1 FelCor Lodging Limited Partnership Ratio of Earnings to Fixed Charges
Year Ended December 31, ---------------------------------------------------- 1996 1997 1998 1999 --------- --------- --------- --------- (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 48,881 $ 69,652 $ 124,414 $ 136,889 Add minority interest in consolidated subsidiaries 573 1,121 2,713 Deduct income from equity investees (2,010) (6,963) (7,017) (8,484) Fixed charges 11,133 29,811 77,724 130,685 Add amortization of capitalized interest 129 227 667 1,109 Add distributed income of investments in unconsolidated joint ventures 1,954 4,211 19,066 19,581 Deduct capitalized interest (1,330) (1,019) (4,542) (5,249) --------- --------- --------- --------- Earnings $ 58,757 $ 96,492 $ 211,433 $ 277,244 ========= ========= ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436 Capitalized interest 1,330 1,019 4,542 5,249 --------- --------- --------- --------- Total fixed charges $ 11,133 $ 29,811 $ 77,724 $ 130,685 --------- --------- --------- --------- Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x Additional amount needed to have minimum ratio of 1.0 Adjusted Ratio of Earnings to Fixed Charges Earnings from above $ 58,757 $ 96,492 $ 211,433 $ 277,244 Add: Reserve for sale of hotels Lease termination costs -- -- -- -- --------- --------- --------- --------- Adjusted Earnings $ 58,757 $ 96,492 $ 211,433 $ 277,244 ========= ========= ========= ========= Adjusted Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x Three Months Ended March 31, (Unaudited) ---------- ----------------------- 2000 2000 2001 --------- --------- --------- (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 70,256 $ 19,931 $ (9,012) Add minority interest in consolidated subsidiaries 3,570 968 1,756 Deduct income from equity investees (14,820) (1,879) (2,150) Fixed charges 159,700 38,127 40,212 Add amortization of capitalized interest 1,200 277 300 Add distributed income of investments in unconsolidated joint ventures 25,358 4,519 1,565 Deduct capitalized interest (1,080) (223) (119) --------- --------- --------- Earnings $ 244,184 $ 61,720 $ 32,552 ========= ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 158,620 $ 37,904 $ 40,093 Capitalized interest 1,080 223 119 --------- --------- --------- Total fixed charges $ 159,700 $ 38,127 $ 40,212 ========= ========= ========= Ratio of Earnings to Fixed Charges 1.5% 1.6% 0.8% Additional amount needed to have minimum ratio of 1.0 7,660 Adjusted Ratio of Earnings to Fixed Charges Earnings from above $ 244,184 $ 61,720 $ 32,552 Add: Reserve for sale of hotels 63,000 Lease termination costs -- -- 36,226 --------- --------- --------- Adjusted Earnings $ 307,184 $ 61,720 $ 68,778 ========= ========= ========= Adjusted Ratio of Earnings to Fixed Charges 1.9x 1.6x 1.7x
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Pro Forma (Unaudited) --------------------------- Three Months Year Ended Ended December 31, March 31, 2000 2001 ------------ ------------ (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 176,757 $ 45,463 Add minority interest in consolidated subsidiaries 3,567 1,767 Deduct income from equity investees (11,551) (2,150) Fixed charges 312,718 80,982 Add amortization of capitalized interest 1,200 300 Add distributed income of investments in unconsolidated joint ventures 25,358 1,565 Deduct capitalized interest (3,557) (651) --------- --------- Earnings $ 504,492 $ 127,276 ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 309,161 $ 80,331 Capitalized interest 3,557 651 --------- --------- Total fixed charges $ 312,718 $ 80,982 ========= ========= Ratio of Earnings to Fixed Charges 1.6x 1.6x Additional amount needed to have minimum ratio of 1.0 Adjusted Ratio of Earnings to Fixed Charges Earnings from above $ 504,492 $ 127,276 Add: Reserve for sale of hotels 63,000 Lease termination costs -- -- --------- --------- Adjusted Earnings $ 567,492 $ 127,276 ========= ========= Adjusted Ratio of Earnings to Fixed Charges 1.8x 1.6x