EX-12.1 3 exhibit2.htm EX-12.1 EX-12.1

Exhibit 12.1

Forest City Enterprises, Inc.
Statement regarding the Computation of Ratio of Earnings to Fixed Charges
(in thousands)

                                                 
    October 31,   January 31,
    2004   2004   2003   2002   2001   2000
 
                                                
Earnings:
                                                
Earnings from continuing operations before income taxes and extraordinary gain (excluding equity in earnings of unconsolidated entities)
   $ 48,490     $ 35,296     $ 39,037     $ 97,238     $ 80,807     $ 46,565  
 
                                                
Adjustments to earnings:
                                                
Interest incurred, net of capitalized interest
     191,292       199,155       177,149       178,966       182,544       139,866  
Amortization of loan procurement costs
     10,655       10,445       8,573       6,532       12,341       5,116  
Previously capitalized interest amortized into earnings
     5,341       6,582       6,002       5,466       4,925       4,791  
Cash distributions from unconsolidated entities
     64,779       70,335       103,734       69,213       82,100       66,679  
Portion of rents representative of interest factor
     5,401       9,343       8,970       10,135       8,382       5,533  
Earnings, as adjusted
   $ 325,958     $ 331,156     $ 343,465     $ 367,550     $ 371,099     $ 268,550  
 
                                                
 
                                                
Fixed charges:
                                                
Interest incurred, net of capitalized interest
     191,292       199,155       177,149       178,966       182,544       139,866  
Interest capitalized
     32,360       32,941       30,212       31,716       21,433       27,440  
Amortization of loan procurement costs
     10,655       10,445       8,573       6,532       12,341       5,116  
Portion of rents representative of interest factor
     5,401       9,343       8,970       10,135       8,382       5,533  
Total fixed charges
   $ 239,708     $ 251,884     $ 224,904     $ 227,349     $ 224,700     $ 177,955  
 
                                                
Ratio of earnings to fixed charges (a)
     1.36       1.31       1.53       1.62       1.65       1.51  

  (a)   The Company has other earnings from operations, principally from depreciation and amortization, that are available to cover fixed charges.