EX-12.1 17 d443308dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed charges

Exhibit 12.1

CNL Lifestyle Properties, Inc.

Computation of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Year Ended December 31,  
     2012     2011     2010     2009     2008  

Earnings:

           

Income (loss) from continuing operations

    $ (74,673 )    $ (54,590 )    $ (79,498 )    $ (20,262 )    $ 32,800   

Less:

           

Cumulative effect of change in accounting principle

      —          —          —          (5,900 )      —     

Equity in earnings (loss) on unconsolidated entities

      5,521        1,022        10,978        5,630        3,020   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     (80,194 )      (55,612 )      (90,476 )      (20,532 )      29,780   

Add:

           

Amortization of capitalized interest

      113        106        94        60        23   

Distributed income from unconsolidated entities

      40,188        25,891        12,691        10,786        14,883   

Fixed charges (from below)

      72,494        64,526        54,401        45,187        35,321   

Less:

           

Capitalized interest

      (278 )      (179 )      (638 )      (1,659 )      (876 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

    $ 32,323      $ 34,732      $ (23,928 )    $ 33,842      $ 79,131   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense (1)

    $ 68,595      $ 60,571      $ 50,616      $ 40,638      $ 32,076   

Estimated interest factor from rental expense (2)

      3,621        3,776        3,147        2,890        2,369   

Capitalized interest

      278        179        638        1,659        876   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 72,494      $ 64,526      $ 54,401      $ 45,187      $ 35,321   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios of earnings to fixed charges (3)

      —          —          —          —          2.24 x   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings to fixed charges

    $ 40,171      $ 29,794      $ 78,329        11,345        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.
(3) For the years ended December 31, 2012, 2011, 2010 and 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $40.2 million, $29.8 million, $78.3 million and $11.3 million, respectively, to achieve a coverage of 1:1 for the years ended December 31, 2012, 2011, 2010 and 2009.