Hersha Hospitality Trust (HT) 10-K 2014 FY Annual report

Exhibit 12.1

Hersha Hospitality Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(dollars in thousands)
		Year Ended December 31,
		2014		2013		2012		2011		2010
Earnings
Pre-tax (loss) income from continuing operations before income (loss) from equity investees	$	66,558	$	16,988	$	6,267	$	(1,190)	$	(12,612)
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		43,357		40,935		38,070		34,266		32,409
Distributed income of equity investees		1,262		568		1,387		132		-
	$	111,177	$	58,491	$	45,724	$	33,208	$	19,797
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		43,357		40,935		38,070		34,266		32,409
Interest capitalized		458		1,320		1,542		1,372		46
Preferred share distributions		14,356		14,611		14,000		10,499		4,800
	$	58,171	$	56,866	$	53,612	$	46,137	$	37,255
Ratio of earnings to combined fixed charges and preferred share dividends		1.91		1.03		0.85		0.72		0.53
For the years ended December 31, 2012, 2011, and 2010, combined fixed charges and preferred share dividends exceeded earnings. The following table notes the amounts by which combined fixed charges and preferred share dividends exceeded earnings:
		Year Ended December 31,
		2014		2013		2012		2011		2010
Combined fixed charged and preferred share dividends in excess of earnings	$	N/A	$	N/A	$	7,888	$	12,929	$	17,458

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