Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FOREST CITY ENTERPRISES INC | d374183d8k.htm |
| EX-5.1 - EX-5.1 - FOREST CITY ENTERPRISES INC | d374183dex51.htm |
| EX-5.2 - EX-5.2 - FOREST CITY ENTERPRISES INC | d374183dex52.htm |
| EX-1.1 - EX-1.1 - FOREST CITY ENTERPRISES INC | d374183dex11.htm |
| EX-4.1 - EX-4.1 - FOREST CITY ENTERPRISES INC | d374183dex41.htm |
| EX-99.1 - EX-99.1 - FOREST CITY ENTERPRISES INC | d374183dex991.htm |
Exhibit 12.1
| Three Months Ended |
Year Ended January 31, | |||||||||||||||||||||||
| April 30, 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
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| Earnings: |
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| Earnings (loss) from continuing operations before income |
$ | 24,162 | $ | (110,206) | $ | 199,871 | $ | (2,005) | $ | (101,187) | $ | 4,372 | ||||||||||||
| Adjustments to earnings: |
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| Interest incurred, net of capitalized interest |
58,516 | 259,676 | 308,319 | 341,455 | 354,360 | 310,826 | ||||||||||||||||||
| Amortization of loan procurement costs |
2,869 | 11,789 | 11,461 | 13,630 | 11,590 | 10,607 | ||||||||||||||||||
| Previously capitalized interest amortized into earnings |
3,089 | 11,883 | 16,469 | 14,884 | 12,845 | 10,920 | ||||||||||||||||||
| Cash distributions from unconsolidated entities |
16,014 | 97,048 | 105,195 | 93,968 | 116,801 | 97,685 | ||||||||||||||||||
| Portion of rents representative of interest factor |
982 | 4,767 | 8,218 | 11,330 | 13,461 | 12,058 | ||||||||||||||||||
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| Earnings, as adjusted |
$ | 105,632 | $ | 274,957 | $ | 649,533 | $ | 473,262 | $ | 407,870 | $ | 446,468 | ||||||||||||
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| Fixed charges: |
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| Interest expensed |
$ | 58,516 | $ | 259,676 | $ | 308,319 | $ | 341,455 | $ | 354,360 | $ | 310,826 | ||||||||||||
| Interest capitalized |
33,571 | 193,448 | 172,664 | 112,887 | 107,222 | 96,398 | ||||||||||||||||||
| Amortization of loan procurement costs |
2,869 | 11,789 | 11,461 | 13,630 | 11,590 | 10,607 | ||||||||||||||||||
| Portion of rents representative of interest factor |
982 | 4,767 | 8,218 | 11,330 | 13,461 | 12,058 | ||||||||||||||||||
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| Total fixed charges |
$ | 95,938 | $ | 469,680 | $ | 500,662 | $ | 479,302 | $ | 486,633 | $ | 429,889 | ||||||||||||
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| Preferred Dividend Requirements |
6,289 | 25,156 | 19,287 | - | - | - | ||||||||||||||||||
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| Total Fixed Charges and Preferred Dividends |
$ | 102,227 | $ | 494,836 | $ | 519,949 | $ | 479,302 | $ | 486,633 | $ | 429,889 | ||||||||||||
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| Ratio of earnings to fixed charges (1)(2) |
1.10 | (3) | 1.30 | (4) | (5) | 1.04 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends (1)(2) |
1.03 | (3) | 1.25 | (4) | (5) | 1.04 | ||||||||||||||||||
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| (1) | Included in earnings from continuing operations are non-cash charges related to depreciation and amortization of $52.8 million, $217.7 million, $233.9 million, $255.8 million, $255.7 million and $217.2 million for the three months ended April 30, 2012 and fiscal years ending January 31, 2012, 2011, 2010, 2009 and 2008, respectively. Depreciation and amortization reduces earnings from continuing operations, but does not impact our ability to cover our fixed charges. |
| (2) | Included in earnings from continuing operations are non-cash charges related to impairment of real estate of $1.4 million, $119.3 million, $4.8 million, $8.9 million, $1.3 million and $0 for the three months ended April 30, 2012 and fiscal years ending January 31, 2012, 2011, 2010, 2009 and 2008, respectively. Impairment of real estate reduces earnings from continuing operations, but does not impact our ability to cover our fixed charges. |
| (3) | For the fiscal year ended January 31, 2012, the ratios were deficient of achieving a 1:1 ratio by $194.7 million and $219.9 million for the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred dividends, respectively. |
| (4) | For the fiscal year ended January 31, 2010, each ratio was deficient of achieving a 1:1 ratio by $6.0 million. |
| (5) | For the fiscal year ended January 31, 2009, each ratio was deficient of achieving a 1:1 ratio by $78.8 million. |