EX-12.1 4 a2014q3forms-3exh121aug2014.htm EXHIBIT 2014 Q3 Form S-3 Exh 12.1 Aug 2014


Exhibit 12.1




FelCor Lodging Trust Incorporated
Computation of Ratio of Earnings To Fixed Charges and Preferred Securities Dividends
(in thousands, except for ratio)
 
 
Six Months Ended June 30,
 
 Year Ended December 31,
 
 
2014
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Income (loss) from continuing operations
 
$
(11,104
)
 
$
(56,373
)
 
$
(83,793
)
 
$
(187,311
)
 
$
(133,619
)
 
$
(99,620
)
 
$
(88,836
)
Equity in income of unconsolidated entities
 
(3,409
)
 
(1,994
)
 
(4,586
)
 
(2,779
)
 
2,068

 
(16,916
)
 
4,814

Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees
 
(14,513
)
 
(58,367
)
 
(88,379
)
 
(190,090
)
 
(131,551
)
 
(116,536
)
 
(84,022
)
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Fixed charges:
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Interest expense
 
49,816

 
53,102

 
104,659

 
127,521

 
135,952

 
144,463

 
106,144

Capitalized interest
 
8,324

 
5,682

 
12,809

 
12,929

 
2,206

 
638

 
767

Portion of rent expense representative of interest factor
 
4,600

 
4,567

 
9,200

 
9,133

 
9,133

 
9,133

 
9,033

The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness
 
62,740

 
63,351

 
126,668

 
149,583

 
147,291

 
154,234

 
115,944

 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Amortization of capitalized interest
 
754

 
793

 
1,587

 
1,690

 
1,778

 
1,736

 
1,735

 
 
 

 
 

 
 

 
 
 
 

 
 

 
 

Distributed income of equity investees
 
2,320

 
2,384

 
4,440

 
4,160

 
2,261

 
2,190

 
2,789

 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Interest capitalized
 
(8,324
)
 
(5,682
)
 
(12,809
)
 
(12,929
)
 
(2,206
)
 
(638
)
 
(767
)
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Earnings
 
$
42,977

 
$
2,479

 
$
31,507

 
$
(47,586
)
 
$
17,573

 
$
40,986

 
$
35,679

 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Fixed charges
 
$
62,740

 
$
63,351

 
$
126,668

 
$
149,583

 
$
147,291

 
$
154,234

 
$
115,944

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred securities dividends
 
19,878

 
19,356

 
38,713

 
38,713

 
38,713

 
38,713

 
38,713

 
 
 

 
 

 
 

 
 

 
 

 
 

 


Fixed charges and preferred securities  dividends
 
$
82,618

 
$
82,707

 
$
165,381

 
$
188,296

 
$
186,004

 
$
192,947

 
$
154,657

 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ratio of Earnings to Fixed Charges
 
0.52

 
0.03

 
0.19

 
(0.25
)
 
0.09

 
0.21

 
0.23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficiency
 
$
39,641

 
$
80,228

 
$
133,874

 
$
235,882

 
$
168,431

 
$
151,961

 
$
118,978