EX-12.1 3 d88442a2ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 FelCor Lodging Limited Partnership Ratio of Earnings to Fixed Charges
Year Ended December 31, ---------------------------------------------------- 1996 1997 1998 1999 --------- --------- --------- --------- (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 48,881 $ 69,652 $ 124,414 $ 136,889 Add minority interest in consolidated subsidiaries 573 1,121 2,713 Deduct income from equity investees (2,010) (6,963) (7,017) (8,484) Add fixed charges 11,133 29,811 77,724 130,685 Add amortization of capitalized interest 129 227 667 1,109 Add distributed income of investments in unconsolidated joint ventures 1,954 4,211 19,066 19,581 Deduct capitalized interest (1,330) (1,019) (4,542) (5,249) --------- --------- --------- --------- Earnings $ 58,757 $ 96,492 $ 211,433 $ 277,244 ========= ========= ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436 Capitalized interest 1,330 1,019 4,542 5,249 --------- --------- --------- --------- Total fixed charges $ 11,133 $ 29,811 $ 77,724 $ 130,685 --------- --------- --------- --------- Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x Six Months Ended June 30, (Unaudited) ---------- ----------------------- 2000 2000 2001 --------- --------- --------- (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 70,256 $ (12,372) $ 16,566 Add minority interest in consolidated subsidiaries 3,570 2,093 2,282 Deduct income from equity investees (14,820) (5,648) (6,328) Add fixed charges 159,700 78,141 82,028 Add amortization of capitalized interest 1,200 576 610 Add distributed income of investments in unconsolidated joint ventures 25,358 11,708 2,973 Deduct capitalized interest (1,080) (497) (229) --------- --------- --------- Earnings $ 244,184 $ 74,001 $ 97,902 ========= ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 158,620 $ 77,644 $ 80,998 Capitalized interest 1,080 497 229 --------- --------- --------- Total fixed charges $ 159,700 $ 78,141 $ 81,227 ========= ========= ========= Ratio of Earnings to Fixed Charges 1.5x 0.9x 1.2x
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Pro Forma (Unaudited) --------------------------- Six Months Year Ended Ended December 31, June 30, 2000 2001 ------------ ------------ (dollars in thousands) RATIO OF EARNINGS TO FIXED CHARGES: EARNINGS: Income (loss) before extraordinary items $ 159,171 $ 91,603 Add minority interest in consolidated subsidiaries 3,567 2,288 Deduct income from equity investees (11,436) (6,328) Add fixed charges 317,137 154,404 Add amortization of capitalized interest 1,200 610 Add distributed income of investments in unconsolidated joint ventures 25,358 2,973 Deduct capitalized interest (3,888) (1,175) --------- --------- Earnings $ 491,109 $ 244,375 ========= ========= FIXED CHARGES: Interest expensed -includes amortization of discount, premium and capitalized expenses related to debt $ 313,249 $ 153,229 Capitalized interest 3,888 1,175 --------- --------- Total fixed charges $ 317,137 $ 154,404 ========= ========= Ratio of Earnings to Fixed Charges 1.5x 1.6x