EX-12.1 3 d832390dex121.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,  
     2014     2013     2012     2011     2010  

Earnings:

           

Loss from continuing operations

    $ (60,438 )    $ (11,422 )    $ (37,059 )    $ (40,851 )    $ (81,566 ) 

Equity in earnings (loss) on unconsolidated entities

      7,753        11,701        5,521        1,022        10,978   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (68,191 )    (23,123 )    (42,580 )    (41,873 )    (92,544 ) 

Add:

Amortization of capitalized interest

   122      120      113      106      94   

Distributed income from unconsolidated entities

   13,497      32,046      40,188      25,891      12,691   

Fixed charges (from below)

   83,148      74,898      72,494      64,526      54,401   

Less:

Capitalized interest

   —        (182 )    (278 )    (179 )    (638 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

 $ 28,576    $ 83,759    $ 69,937    $ 48,471    $ (25,996 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expense (1)

 $ 79,324    $ 70,877    $ 68,595    $ 60,571    $ 50,616   

Estimated interest factor from rental expense (2)

   3,824      3,839      3,621      3,776      3,147   

Capitalized interest

   —        182      278      179      638   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

 $ 83,148    $ 74,898    $ 72,494    $ 64,526    $ 54,401   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios of earnings to fixed charges (3)

   —        1.12     —        —        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings to fixed charges

 $ 54,572    $ —      $ 2,557    $ 16,055    $ 80,397   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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, 2014, 2012, 2011 and 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $54.6 million, $2.6 million, $16.1 million and $80.4 million, respectively, to achieve coverage of 1:1 for the years ended December 31, 2014, 2012, 2011 and 2010.