EX-12.1 6 d29239exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 FELCOR LODGING TRUST INCORPORATED COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six Months Ended Year Ended December 31, June 30, ------------------------------------------------- ---------------- 2000 2001 2002 2003 2004 2004 2005 ------- ------- ------- -------- -------- ------- ------ Income (loss) from continuing operations 38,941 (52,492) (62,020) (181,400) (108,269) (49,366) 4,470 Minority interests 5,377 (9,531) (6,099) (13,954) (7,755) (2,764) (975) Equity in income of unconsolidated entities (14,820) (7,346) 10,127 (2,370) (17,121) (3,673) (4,968) ------- ------- ------- -------- -------- ------- ------ Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees 29,498 (69,369) (57,992) (197,724) (133,145) (55,803) (1,473) Fixed charges: Interest expense 158,620 159,177 164,368 167,431 152,394 81,114 67,614 Capitalized interest 1,080 811 775 588 1,489 200 979 ------- ------- ------- -------- -------- ------ ------ The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebetedness 159,700 159,988 165,143 168,019 153,883 81,314 68,593 Amortization of capitalized interest 1,200 1,269 1,225 819 924 398 458 Distributed income of equity investees 25,358 8,132 11,310 8,848 22,831 3,129 4,671 Interest capitalized (1,080) (811) (775) (588) (1,489) (200) (979) ------- ------- ------- -------- -------- ------- ------ Earnings 214,676 99,209 118,911 (20,626) 43,004 28,838 71,270 ======= ======= ======= ======== ======== ======= ====== Fixed charges 159,700 159,988 165,143 168,019 153,883 81,314 68,593 Preferred Distributions 24,682 24,600 26,292 26,908 35,130 15,696 19,900 -------------------------------------------------------------------- Total Fixed Charges and Preferred Distributions 184,382 184,588 191,435 194,927 189,013 97,010 88,493 ==================================================================== Ratio of Earnings to Fixed Charges and 1.2 0.5 0.6 (0.1) 0.2 0.3 0.8 Preferred Distributions Deficiency 85,379 72,524 215,553 146,009 68,172 17,223