EX-12.1 3 d87903a4ex12-1.txt STATEMENTS REGARDING COMPUTAITON OF RATIOS 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% Pro Forma (Unaudited) Six Months Ended -------------------------- June 30, Six Months (Unaudited) Year Ended Ended ----------------------- December 31, June 30, 2000 2001 2000 2001 --------- --------- ----------- ------------ RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS EARNINGS: Income (loss) before extraordinary items $ (12,372) $ 16,566 $ 159,171 $ 91,603 Add minority interest in consolidated subsidiaries 2,093 2,282 3,567 2,287 Deduct income from equity investees (5,648) (6,328) (11,436) (6,328) Add fixed charges and preferred distributions 90,499 93,527 352,884 171,755 Add amortization of capitalized interest 576 610 1,200 610 Add distributed income of investments in unconsolidated joint ventures 11,708 2,973 25,358 2,973 Deduct capitalized interest (497) (229) (3,888) (1,175) --------- --------- --------- --------- Earnings $ 86,359 $ 110,202 $ 526,856 $ 261,725 ========= ========= ========= ========= FIXED CHARGES: Interest expensed - includes amortization of discount, premium and capitalized expenses related to debt $ 77,644 $ 80,998 $ 313,249 $ 153,198 Capitalized interest 497 229 3,888 1,175 --------- --------- --------- --------- Total fixed charges 78,141 81,227 317,137 154,373 Add - preferred distributions 12,358 12,300 35,747 17,382 --------- --------- --------- --------- Total fixed charges and preferred distributions $ 90,499 $ 93,527 $ 352,884 $ 171,755 ========= ========= ========= ========= Ratio of Earnings to Combined Fixed Charges and Preferred Distributions 1.0% 1.2% 1.5% 1.5%