Red Lion Hotels 10-K2016 FY Annual report

Filed: 31 Mar 17, 12:00am

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New words: ABVI, affordable, arose, assembled, assimilation, assumption, attainment, attention, auditor, avoid, Baha, benchmark, Benson, Bernard, billed, broader, brokerage, Brooklyn, Bulletin, CBVI, civil, clarifying, complementary, conclusion, confidence, Coral, correctly, coupon, currency, deficiency, deficit, deliberate, Deloitte, devoted, difficulty, diplomatic, diversity, divert, dollar, Eleven, email, Enrico, entry, extinguishment, factor, Fichera, field, Florida, half, Head, Hearth, Honolulu, Hudson, Immaterial, impenetrable, increasingly, Indirect, insignificant, instability, intelligence, internationally, issuable, Itron, Jameson, JV, Kerhonkson, Korea, KPMG, ledger, Lexington, likelihood, Likewise, logistical, Ludwig, macroeconomic, managerial, Mar, Marini, Moyle, Mucci, Nebraska, Omaha, output, overseen, patronage, paydown, postal, predominance, principle, pursing, recovery, renegotiated, Resort, restate, Roger, SAB, securitization, slowdown, solicitation, Spa, stream, substantive, sunset, supervisory, telemarketing, tenure, TESI, tourist, translate, translated, translation, Treasurer, understated, underwritten, unintentional, unrest, Valley, Vantage, view, wealth, whichever, worsening, Wright

Removed: acting, aerospace, agriculture, Arden, category, catering, comfortable, concentration, converting, Creek, decide, driver, expenditure, gradually, Idaho, involvement, Kalispell, Leo, mall, Medford, Montana, periodic, piece, planning, region, release, relocate, strength, submitted, timber, tourism, underlying, Village

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Exhibit 12.1



Statement of Computation of Ratios

	Year Ended December 31,
	2012			2013			2014		2015			2016
	(dollars in thousands)
Fixed charges:
Interest expense	$	7,553		$	5,416		$	4,450	$	6,044		$	5,598
Amortization of debt discount and related expenses	729			295			125		935			1,166
Estimate of interest within rental expense	1,812			1,717			1,968		2,450			1,885
Total fixed charges	$	10,094		$	7,428		$	6,543	$	9,429		$	8,649

Earnings available for fixed charges:
Income (loss) from continuing operations before taxes	$	(17,692	)	$	(15,834	)	$	2,559	$	4,156		$	(4,685	)
Add: Fixed charges	10,094			7,428			6,543		9,429			8,649
Add: Amortization of capitalized interest	—			—			—		—			15
Add: Distributed income of equity investees	—			—			—		—			77
Less: Capitalized interest	—			—			—		(315		)	(362		)
Total earnings available for fixed charges	$	(7,598	)	$	(8,406	)	$	9,102	$	13,270		$	3,694

Ratio of earnings to fixed charges⁽¹⁾⁽²⁾	N/A			N/A			1.39		1.41			N/A

Deficit of earnings to fixed charges⁽²⁾	$	17,692		$	15,834		N/A		N/A			$	4,955

⁽¹⁾ For purposes of computing the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes plus equity in investments and less net income attributable to non-controlling interests. Fixed charges consist of interest, amortization of debt fees and that portion of rent deemed representative of interest. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we do not have any preferred stock outstanding.
⁽²⁾ In 2012, 2013 and 2016, we incurred losses from operations or our earnings were insufficient to cover our fixed charges. As a result, the ratio of earnings to fixed charges is not calculated for these periods as the ratio would be less than 1:1.