Exhibit 12
BOYKIN LODGING COMPANY
COMPUTATION OF RATIOS
OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(amounts in thousands, except for ratio amounts)
Year Ended December 31, | ||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income from continuing operations before adjustment for minority interest in consolidated subsidiaries of income (loss) from equity investees: | $ | 1,180 | $ | (33,025 | ) | $ | 9,267 | $ | 19,724 | $ | 22,201 | |||||||||||
Plus: Fixed charges | 22,837 | 23,513 | 25,970 | 21,793 | 14,804 | |||||||||||||||||
Plus: Distributed income of equity investees | 148 | 1,380 | 405 | — | — | |||||||||||||||||
Less: Minority interest income (expense) in subsidiaries that | (133 | ) | 193 | (534 | ) | (399 | ) | (461 | ) | |||||||||||||
have not incurred fixed charges | ||||||||||||||||||||||
Earnings: | $ | 24,032 | $ | (7,939 | ) | $ | 35,348 | $ | 41,118 | $ | 36,544 | |||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense | $ | 20,011 | $ | 21,916 | $ | 24,291 | $ | 20,610 | $ | 13,905 | ||||||||||||
Amortization of deferred financing costs | 2,182 | 1,205 | 1,242 | 798 | 593 | |||||||||||||||||
Estimated interest element of rental expense | 644 | 392 | 437 | 385 | 306 | |||||||||||||||||
Fixed charges: | $ | 22,837 | $ | 23,513 | $ | 25,970 | $ | 21,793 | $ | 14,804 | ||||||||||||
Dividends on preferred stock | 1,109 | — | — | — | — | |||||||||||||||||
Fixed charges and preferred stock dividends: | $ | 23,946 | $ | 23,513 | $ | 25,970 | $ | 21,793 | $ | 14,804 | ||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.0 | (0.3 | ) | 1.4 | 1.9 | 2.5 |