EX-12.1 3 d263781dex121.htm COMPUTATION OF RATIOS Computation of Ratios

Exhibit 12.1

CNL Lifestyle Properties, Inc.

Computation of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Year Ended December 31,  
     2011     2010     2009     2008     2007  

Earnings:

           

Income (loss) from continuing operations

    $ (55,579 )    $ (79,590 )    $ (19,988 )    $ 33,201      $ 34,653   

Less:

           

Cumulative effect of change in accounting principle

      —          —          (5,900 )      —          —     

Equity in earnings of unconsolidated entities

      1,022        10,978        5,630        3,020        3,738   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     (56,601 )      (90,568 )      (19,718 )      30,181        30,915   

Add:

           

Amortization of capitalized interest

      106        94        60        23        5   

Distributed income from unconsolidated entities

      25,891        12,691        10,786        14,883        12,864   

Fixed charges (from below)

      64,526        54,401        45,187        35,321        15,966   

Less:

           

Capitalized interest

      (179 )      (683 )      (1,659 )      (876 )      (351 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

    $ 33,743      $ (24,065 )    $ 34,656      $ 79,532      $ 59,399   

Fixed charges:

           

Interest expense (1)

    $ 60,571      $ 50,616      $ 40,638      $ 32,076      $ 14,175   

Estimated interest factor from rental expense (2)

      3,776        3,147        2,890        2,369        1,440   

Capitalized interest

      179        638        1,659        876        351   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 64,526      $ 54,401      $ 45,187      $ 35,321      $ 15,966   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios of earnings to fixed charges

      —          —          —          2.25 x        3.72 x   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings to fixed charges

    $ 30,783      $ 78,466      $ 10,531        n/a        n/a   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

FOOTNOTES:

 

(1) Includes amortized premiums, discounts and amortized capitalized financing costs for both continuing operations and discontinued operations.
(2) Represents the portion of rental expense that is a reasonable approximation of the interest factor.