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, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
Computation of earnings: | ||||||||||||||||||||
Income (loss) before gain (loss) on sale/disposal of assets, discontinued operations and cumulative effect of change in accounting principle | $ | (3,733 | ) | $ | (498 | ) | $ | (25,947 | ) | $ | 9,407 | $ | 15,573 | |||||||
Plus: Equity in (income) loss of unconsolidated joint ventures | 870 | 2,040 | (589 | ) | (68 | ) | (23 | ) | ||||||||||||
Plus: Minority interest | (3,107 | ) | (533 | ) | (2,702 | ) | 1,003 | 1,406 | ||||||||||||
Pretax income from continuing operations before adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees: | (5,970 | ) | 1,009 | (29,238 | ) | 10,342 | 16,956 | |||||||||||||
Plus: Fixed charges | 19,067 | 22,102 | 22,332 | 25,134 | 20,643 | |||||||||||||||
Plus: Amortization of capitalized interest | 706 | — | — | — | — | |||||||||||||||
Plus: Distributed income of equity investees | 572 | 148 | 1,380 | 405 | — | |||||||||||||||
Less: Capitalized interest | (448 | ) | (74 | ) | — | — | — | |||||||||||||
Less: Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | 1,102 | (133 | ) | 193 | (534 | ) | (399 | ) | ||||||||||||
Earnings and fixed charges: | $ | 15,029 | $ | 23,052 | $ | (5,333 | ) | $ | 35,347 | $ | 37,200 | |||||||||
Computation of fixed charges: | ||||||||||||||||||||
Consolidated interest expense and capitalized interest | $ | 16,537 | $ | 19,370 | $ | 20,805 | $ | 23,546 | $ | 19,534 | ||||||||||
Consolidated amortization of deferred financing costs | 1,927 | 2,125 | 1,149 | 1,166 | 738 | |||||||||||||||
Plus: estimated interest element of rentals on consolidated entities | 603 | 607 | 378 | 422 | 371 | |||||||||||||||
Fixed charges: | $ | 19,067 | $ | 22,102 | $ | 22,332 | $ | 25,134 | $ | 20,643 | ||||||||||
Plus: preferred dividend | 4,751 | 1,109 | — | — | — | |||||||||||||||
Fixed charges and preferred stock dividends: | $ | 23,818 | $ | 23,211 | $ | 22,332 | $ | 25,134 | $ | 20,643 | ||||||||||
Ratio of earnings to fixed charges | 0.8 | 1.0 | (0.2 | ) | 1.4 | 1.8 | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 0.6 | 1.0 | (0.2 | ) | 1.4 | 1.8 | ||||||||||||||
Deficiency of earnings to fixed charges | $ | 4,038 | $ | — | $ | 27,665 | $ | — | $ | — | ||||||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | 8,789 | $ | — | $ | 27,665 | $ | — | $ | — |