EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNIGS TO FIXED CHARGES

Exhibit 12.1

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

|  | Year Ended December 31, |
|  | 2010 |  |  | 2009 |  |  | 2008 |  |  | 2007 |  |  | 2006 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before gain on sale of land, gain on acquisition, equity in income from joint ventures, noncontrolling interests and discontinued operations (1) |  | $ | 106,612 |  |  | $ | 30,871 |  |  | $ | 126,779 |  |  | $ | 97,077 |  |  | $ | 80,521 |
Fixed charges |  |  | 75,222 |  |  |  | 66,422 |  |  |  | 65,697 |  |  |  | 56,968 |  |  |  | 49,092 |
Distributions from equity investments |  |  | 2,482 |  |  |  | 986 |  |  |  | 2,262 |  |  |  | 1,239 |  |  |  | 874 |
Capitalized interest |  |  | (383 | ) |  |  | (600 | ) |  |  | (797 | ) |  |  | (494 | ) |  |  | (100 | )
Adjusted Earnings |  | $ | 183,933 |  |  | $ | 97,679 |  |  | $ | 193,941 |  |  | $ | 154,790 |  |  | $ | 130,387 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net (including amortization of deferred financing fees) |  | $ | 74,802 |  |  | $ | 65,747 |  |  | $ | 63,990 |  |  | $ | 56,097 |  |  | $ | 48,866 |
Interest income |  |  | 37 |  |  |  | 75 |  |  |  | 910 |  |  |  | 377 |  |  |  | 126 |
Capitalized interest |  |  | 383 |  |  |  | 600 |  |  |  | 797 |  |  |  | 494 |  |  |  | 100 |
Total Fixed Charges |  | $ | 75,222 |  |  | $ | 66,422 |  |  | $ | 65,697 |  |  | $ | 56,968 |  |  | $ | 49,092 |
Ratio of Earnings to Fixed Charges |  |  | 2.4 | x |  |  | 1.5 | x |  |  | 3.0 | x |  |  | 2.7 | x |  |  | 2.7 | x

(1) | Earnings before gain on sale of land, gain on acquisition, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2010 includes $0.5 million in impairment charges for other assets and $0.7 million in provision for loan losses. Earnings before gain on sale of land, gain on acquisition, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2009 includes $6.4 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.