Attached files
Exhibit 12.3
CBL & Associates Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges
(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 | 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 | |||||||||||||
Fixed charges (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 | ||||||||||||||||||||
Total fixed charges | $ | 60,355 | $ | 61,893 | $ | 247,090 | $ | 237,771 | $ | 245,028 | $ | 267,933 | $ | 283,595 | |||||||||||||
Ratio of earnings to fixed charges | 1.86 | 2.00 | 2.04 | 1.47 | 1.77 | 1.56 | 1.42 | ||||||||||||||||||||
(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.