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.