CBL & ASSOCIATES PROPERTIES INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - May 11, 2015

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EX-31.3 - EXHIBIT 31.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-313x3312015.htm
EX-12.4 - EXHIBIT 12.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-124x3312015.htm
EX-31.4 - EXHIBIT 31.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-314x3312015.htm
EX-32.1 - EXHIBIT 32.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-321x3312015.htm
EX-12.2 - EXHIBIT 12.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-122x3312015.htm
EX-31.2 - EXHIBIT 31.2 - CBL & ASSOCIATES PROPERTIES INCexhibit-312x3312015.htm
EX-31.1 - EXHIBIT 31.1 - CBL & ASSOCIATES PROPERTIES INCexhibit-311x3312015.htm
EX-12.3 - EXHIBIT 12.3 - CBL & ASSOCIATES PROPERTIES INCexhibit-123x3312015.htm
EX-32.4 - EXHIBIT 32.4 - CBL & ASSOCIATES PROPERTIES INCexhibit-324x3312015.htm
EX-32.2 - EXHIBIT 32.2 - CBL & ASSOCIATES PROPERTIES INCexhibit322-3x31x2015.htm
EX-10.13.4 - EXHIBIT 10.13.4 - CBL & ASSOCIATES PROPERTIES INCexhibit10134-ftbloanmodifi.htm
EXCEL - IDEA: XBRL DOCUMENT - CBL & ASSOCIATES PROPERTIES INCFinancial_Report.xls
10-Q - 10-Q - CBL & ASSOCIATES PROPERTIES INCcbl-3312015x10q.htm
EX-32.3 - EXHIBIT 32.3 - CBL & ASSOCIATES PROPERTIES INCexhibit323-3312015.htm


Exhibit 12.1

CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

 
Three Months Ended
March 31,
 
Year Ended December 31,
 
2015
 
2014
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before discontinued operations, equity
      in earnings and noncontrolling interests
$
48,466

 
$
61,005

 
$
242,675

 
$
105,006

 
$
179,140

 
$
148,817

 
$
123,234

Fixed charges less capitalized interest
       and preferred dividends
59,157

 
60,572

 
239,844

 
231,934

 
242,357

 
262,978

 
280,018

Distributed income of equity investees
4,538

 
3,035

 
21,866

 
15,995

 
17,074

 
9,586

 
4,959

Equity in losses of equity investees for which
      charges arise from guarantees
—

 
(173
)
 
(63
)
 
(44
)
 
—

 
—

 
(1,646
)
Noncontrolling interest in earnings of subsidiaries that
      have not incurred fixed charges
(65
)
 
(796
)
 
(273
)
 
(3,069
)
 
(3,729
)
 
(4,158
)
 
(4,203
)
Total earnings
$
112,096

 
$
123,643

 
$
504,049

 
$
349,822

 
$
434,842

 
$
417,223

 
$
402,362

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred dividends (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (2)
$
59,157

 
$
60,506

 
$
239,844

 
$
231,934

 
$
242,357

 
$
262,978

 
$
280,018

Capitalized interest
1,198

 
1,387

 
7,246

 
5,837

 
2,671

 
4,955

 
3,577

Preferred dividends (3)
11,223

 
11,223

 
44,892

 
59,529

 
68,197

 
63,020

 
53,289

    Total combined fixed charges and preferred dividends
$
71,578

 
$
73,116

 
$
291,982

 
$
297,300

 
$
313,225

 
$
330,953

 
$
336,884

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.57

 
1.69

 
1.73

 
1.18

 
1.39

 
1.26

 
1.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)    The interest portion of rental expense is not calculated because the rental expense of the Company is not significant.
(2)    Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.
(3)
Includes preferred distributions to the Company's partner in CW Joint Venture, LLC, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed.


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