Exhibit 12
LaSalle Hotel Properties
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands, except ratio data)
(unaudited)
| For the six months ended | For the year ended December 31, | |||||||||||||||||||||||
| June 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| (A) | ||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (10,660 | ) | $ | 10,630 | $ | 61,543 | $ | 73,456 | $ | 20,767 | $ | 10,691 | |||||||||||
Discontinued operations | — | — | (30,532 | ) | (3,689 | ) | (3,040 | ) | (5,991 | ) | ||||||||||||||
Income tax expense (benefit) | 3,304 | (1,316 | ) | 3,075 | (277 | ) | (1,979 | ) | (3,499 | ) | ||||||||||||||
Noncontrolling interests | 357 | 5,239 | 6,368 | 4,622 | 1,693 | 265 | ||||||||||||||||||
Equity in earnings of unconsolidated entities | — | — | (27 | ) | (38,420 | ) | (753 | ) | (853 | ) | ||||||||||||||
Impairment of investment in hotel property | — | — | — | — | — | — | ||||||||||||||||||
Fixed charges | 33,407 | 74,235 | 74,804 | 70,601 | 40,158 | 28,660 | ||||||||||||||||||
Amortization of capitalized interest | 370 | 576 | 205 | 349 | 405 | 517 | ||||||||||||||||||
Distributed income in earnings of unconsolidated entities | 3 | 25 | 27 | 39,398 | 1,116 | 3,000 | ||||||||||||||||||
Capitalized interest | (649 | ) | (3,525 | ) | (4,171 | ) | (2,589 | ) | (1,178 | ) | (783 | ) | ||||||||||||
Earnings | $ | 26,132 | $ | 85,864 | $ | 111,292 | $ | 143,451 | $ | 57,189 | $ | 32,007 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest | 19,212 | 46,865 | 44,911 | 39,849 | 21,811 | 13,077 | ||||||||||||||||||
Capitalized interest | 649 | 3,525 | 4,171 | 2,589 | 1,178 | 783 | ||||||||||||||||||
Amortization of bond premium | — | — | — | — | — | — | ||||||||||||||||||
Amort. of discounts and capitalized cost related to indebtness | 535 | 1,348 | 1,378 | 2,559 | 2,540 | 2,268 | ||||||||||||||||||
Preference security dividends | 13,011 | 22,497 | 24,344 | 25,604 | 14,629 | 12,532 | ||||||||||||||||||
Total fixed charges and preference security dividends | $ | 33,407 | $ | 74,235 | $ | 74,804 | $ | 70,601 | $ | 40,158 | $ | 28,660 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 0.8 | 1.2 | 1.5 | 2.0 | 1.4 | 1.1 | ||||||||||||||||||
| (A) | The shortfall of earnings to combined fixed charges and preferred share dividends for the six months ended June 30, 2009 was approximately $7,275. |