EX-12 4 l00102aexv12.txt EX-12 RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 FOREST CITY ENTERPRISES, INC. STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS)
--------------------------------------------------------- Fiscal Year Ended January 31, --------------------------------------------------------- 2003 2002 2001 2000 1999 --------------------------------------------------------- Earnings: Earnings from continuing operations before income taxes and extraordinary gain (excluding equity in earnings of unconsolidated entities) $ 43,314 $111,245 $ 86,359 $ 59,851 $ 32,435 Adjustments to earnings: Interest incurred, net of capitalized interest 177,237 178,966 182,544 139,865 124,601 Amortization of loan procurement costs 7,266 6,837 10,850 4,982 10,324 Previously capitalized interest amortized into earnings 6,096 5,559 5,044 4,791 4,291 Cash distributions from unconsolidated entities 70,650 69,213 82,100 66,679 47,228 Portion of rents representative of interest factor 4,940 3,936 4,951 3,609 3,336 ---------------------------------------------------------- Earnings, as adjusted $309,502 $375,756 $371,848 $279,777 $222,214 ========================================================== Fixed charges: Interest expensed $177,237 $178,966 $182,544 $139,865 $124,601 Interest capitalized 30,212 31,716 27,385 27,440 22,458 Amortization of loan procurement costs 7,266 6,837 10,850 4,982 10,324 Portion of rents representative of interest factor 4,940 3,936 4,951 3,609 3,336 ---------------------------------------------------------- Total fixed charges $219,655 $221,455 $225,730 $175,896 $160,719 ========================================================== Ratio of earnings to fixed charges(a) 1.41 1.70 1.65 1.59 1.38 ==========================================================
(a) The Company has other earnings from operations, principally from depreciation and amortization, that are available to cover fixed charges.