EX-12 9 s-32008exh12_1.htm

 

Exhibit 12.1

FelCor Lodging Trust Incorporated

Computation of Ratio of Earnings To Fixed Charges

(in thousands, except Ratios)

Year Ended December 31,

Nine Months Ended

2003

2004

2005

2006

2007

September 30, 2008

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

(73,564

)

(78,376

)

(16,916

)

8,565

 

55,693

 

(32,005

)

 

Minority interests in continuing operations

(5,186

)

(6,223

)

(4,310

)

(2,508

)

(1,033

)

(180

)

 

Equity in loss (income) of unconsolidated entities

(2,370

)

(17,121

)

(10,619

)

(11,537

)

(20,357

)

1,064

 

 

Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

(81,120

)

(101,720

)

(31,845

)

(5,480

)

34,303

 

(31,121

)

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness

156,915

 

140,362

 

127,581

 

119,825

 

103,737

 

77,193

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

818

 

901

 

1,051

 

1,376

 

1,759

 

1,375

 

 

 

 

 

 

 

 

 

 

Distributed income of equity investees

2,212

 

11,932

 

1,062

 

3,632

 

947

 

2,044

 

 

 

 

 

 

 

 

 

 

Interest capitalized

(588

)

(1,489

)

(1,874

)

(4,916

)

(4,808

)

(1,081

)

 

 

 

 

 

 

 

 

 

Earnings

78,237

 

49,986

 

95,975

 

114,437

 

135,938

 

48,410

 

 

 

 

 

 

 

 

 

 

Fixed charges

156,915

 

140,362

 

127,581

 

119,825

 

103,737

 

77,193

 

 

Preferred Distributions

26,908

 

35,130

 

39,408

 

38,713

 

38,714

 

29,034

 

 

Total Fixed Charges and Preferred Distributions

183,823

 

175,492

 

166,989

 

158,538

 

142,451

 

106,227

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Distributions

0.4

 

0.3

 

0.6

 

0.7

 

1.0

 

0.5

 

 

 

 

 

 

 

 

 

 

Deficiency

105,586

 

125,506

 

71,014

 

44,101

 

6,513

 

57,817