EXHIBIT 12.1

ENTERTAINMENT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES

(dollars in thousands)



|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                                                                          |  | Year Ended December 31, |        
|                                                                                                                                          |  | 2009                    |         |   | 2008 |   |         | 2007 |  |   | 2006    |   |  | 2005 |        
|Earnings:                                                                                                                                 |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income (loss) before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued
operations (1) |  | $                       | (12,801 | ) |      | $ | 125,568 |      |  | $ | 97,503  |   |  | $    | 80,535  |   |  | $ | 68,188  |  
|Fixed charges                                                                                                                             |  |                         | 73,390  |   |      |   | 72,658  |      |  |   | 61,376  |   |  |      | 49,092  |   |  |   | 44,203  |  
|Distributions from equity investments                                                                                                     |  |                         | 986     |   |      |   | 2,262   |      |  |   | 1,239   |   |  |      | 874     |   |  |   | 855     |  
|Capitalized interest                                                                                                                      |  |                         | (600    | ) |      |   | (797    | )    |  |   | (494    | ) |  |      | (100    | ) |  |   | (160    | )
|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Adjusted Earnings                                                                                                                         |  | $                       | 60,975  |   |      | $ | 199,691 |      |  | $ | 159,624 |   |  | $    | 130,401 |   |  | $ | 113,086 |  
|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges:                                                                                                                            |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expense, net (including amortization of deferred financing fees)                                                                 |  | $                       | 72,715  |   |      | $ | 70,951  |      |  | $ | 60,505  |   |  | $    | 48,866  |   |  | $ | 43,749  |  
|Interest income                                                                                                                           |  |                         | 75      |   |      |   | 910     |      |  |   | 377     |   |  |      | 126     |   |  |   | 294     |  
|Capitalized interest                                                                                                                      |  |                         | 600     |   |      |   | 797     |      |  |   | 494     |   |  |      | 100     |   |  |   | 160     |  
|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total Fixed Charges                                                                                                                       |  | $                       | 73,390  |   |      | $ | 72,658  |      |  | $ | 61,376  |   |  | $    | 49,092  |   |  | $ | 44,203  |  
|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                                                                                                        |  |                         | 0.8x    |   |      |   | 2.7x    |      |  |   | 2.6x    |   |  |      | 2.7x    |   |  |   | 2.6x    |  
|                                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  

(1) Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and
discontinued operations for the year ended December 31, 2009 includes $42.2 million in impairment charges for properties held and used and $71.0 million in provision for loan losses.