Red Lion Hotels 10-Q 2017 Q3 Quarterly report

Exhibit 12.1

Statement of Computation of Ratios
	Year Ended December 31,														Year to Date
	2012			2013			2014		2015			2016			September 30, 2017
	(dollars in thousands)
Fixed charges:
Interest expense	$	7,553		$	5,416		$	4,450	$	6,044		$	5,598		$	5,222
Amortization of debt discount and related expenses	729			295			125		935			1,166			892
Estimate of interest within rental expense	1,812			1,717			1,968		2,450			1,885			1,583
Total fixed charges	$	10,094		$	7,428		$	6,543	$	9,429		$	8,649		$	7,697
Earnings available for fixed charges:
Income(loss) from continuing operations before taxes	$	(17,692	)	$	(15,834	)	$	2,559	$	4,156		$	(4,685	)	$	(1,519	)
Add: Fixed charges	10,094			7,428			6,543		9,429			8,649			7,697
Add: Amortization of capitalized interest	—			—			—		—			15			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		$	6,193
Ratio of earnings to fixed charges(1)(2)	N/A			N/A			1.39		1.41			N/A			N/A
Deficit of earnings to fixed charges(2)	$	17,692		$	15,834		N/A		N/A			$	4,955		$	1,504
(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, 2016 and year-to-date 2017, 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.