EX-12.1 5 d17999exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES exv12w1
 

Exhibit 12.1

FelCor Lodging Trust Incorporated/FelCor Lodging Limited Partnership
Computation of Ratio of Earnings To Fixed Charges

                                                                         
                                                            Six
Months
  Six
Months
    1999
  2000
  2001
  2002
  2003
  Q2 03
  Q2 04
  ended June 03
  ended June 04
    (amounts in thousands, except ratios)
Income (loss) from continuing operations
    114,039       53,511       (46,814 )     (76,069 )     (273,110 )     (12,896 )     (30,108 )     (33,996 )     (45,572 )
Minority interests
    6,657       7,224       (8,525 )     (6,885 )     (18,515 )     (1,384 )     (2,312 )     (2,511 )     (3,381 )
Equity in income of unconsolidated entities
    (8,484 )     (14,820 )     (7,346 )     10,127       (2,370 )     (726 )     (2,691 )     (578 )     (3,673 )
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees
    112,212       45,915       (62,685 )     (72,827 )     (293,995 )     (15,006 )     (35,111 )     (37,085 )     (52,626 )
Fixed charges:
                                                                       
Interest expense
    125,436       158,620       159,171       164,355       167,361       41,007       39,737       80,826       80,857  
Capitalized interest
    5,249       1,080       811       775       588       149       167       483       200  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebetedness
    130,685       159,700       159,982       165,130       167,949       41,156       39,904       81,309       81,057  
Amortization of capitalized interest
    1,109       1,200       1,269       1,225       1,191       315       328       322       329  
Distributed income of equity investees
    19,581       25,358       8,132       11,310       8,848       2,288       1,603       2,913       3,129  
Interest capitalized
    (5,249 )     (1,080 )     (811 )     (775 )     (588 )     (149 )     (167 )     (483 )     (200 )
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Earnings
    258,338       231,093       105,887       104,063       (116,595 )     28,604       6,557       46,976       31,689  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Fixed charges
    130,685       159,700       159,982       165,130       167,949       41,156       39,904       81,309       81,057  
Ratio of Earnings to Fixed Charges
    2.0       1.4       0.7       0.6       (0.7 )     0.7       0.2       0.6       0.4  
Deficiency
                    54,095       61,067       284,544       12,552       33,347       34,333       49,368