EX-12.1 2 d650113dex121.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,  
     2013     2012     2011     2010     2009  

Earnings:

           

Loss from continuing operations

    $ (230,529 )    $ (73,157 )    $ (52,488 )    $ (85,652 )    $ (15,854 ) 

Less:

           

Cumulative effect of change in accounting principle

      —          —          —          —          (5,900 ) 

Equity in earnings (loss) on unconsolidated entities

      11,701        5,521        1,022        10,978        5,630   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     (242,230 )      (78,678 )      (53,510 )      (96,630 )      (15,584 ) 

Add:

           

Amortization of capitalized interest

      120        113        106        94        60   

Distributed income from unconsolidated entities

      32,046        40,188        25,891        12,691        10,786   

Fixed charges (from below)

      74,898        72,494        64,526        54,401        45,187   

Less:

           

Capitalized interest

      (182 )      (278 )      (179 )      (638 )      (1,659 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

    $ (135,348 )    $ 33,839      $ 36,834      $ (30,082 )    $ 38,790   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense (1)

    $ 70,877      $ 68,595      $ 60,571      $ 50,616      $ 40,638   

Estimated interest factor from rental expense (2)

      3,839        3,621        3,776        3,147        2,890   

Capitalized interest

      182        278        179        638        1,659   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 74,898      $ 72,494      $ 64,526      $ 54,401      $ 45,187   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios of earnings to fixed charges (3)

      —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings to fixed charges

    $ 210,246      $ 38,655      $ 27,692      $ 84,483        6,397   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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, 2013, 2012, 2011, 2010 and 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $210.2 million, $38.7 million, $27.7 million, $84.5 million and $6.4 million, respectively, to achieve coverage of 1:1 for the years ended December 31, 2013, 2012, 2011, 2010 and 2009.