Exhibit 12.1
| Hersha Hospitality Trust | ||||||||||||||||||||||||
| Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | ||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| Nine Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Earnings | ||||||||||||||||||||||||
| Pre-tax income (loss) from continuing operations before income (loss) from equity investees | $ | (29,194 | ) | $ | (13,655 | ) | $ | 11,080 | $ | 1,891 | $ | 3,227 | $ | 2,748 | ||||||||||
| Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness | 32,170 | 41,218 | 40,237 | 23,500 | 10,687 | 3,035 | ||||||||||||||||||
| Distributed income of equity investees | 400 | 3,036 | 4,501 | 4,578 | 838 | ― | ||||||||||||||||||
| $ | 3,376 | 30,599 | 55,818 | 29,969 | 14,752 | 5,783 | ||||||||||||||||||
| Combined Fixed Charges and Preferred Share Dividends | ||||||||||||||||||||||||
| Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 32,170 | 41,218 | 40,237 | 23,500 | 10,687 | 3,035 | |||||||||||||||||
| Interest capitalized | 4 | 544 | 389 | ― | ― | ― | ||||||||||||||||||
| Preferred share dividends | 3,600 | 4,800 | 4,800 | 4,800 | 1,920 | 499 | ||||||||||||||||||
| $ | 35,774 | 46,562 | 45,426 | 28,300 | 12,607 | 3,534 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred share dividends | * | * | 1.2 | X | 1.1 | X | 1.2 | X | 1.6 | X | ||||||||||||||
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| * | For the nine months ended September 30, 2009, combined fixed charges and preferred share dividends exceeded earnings by approximately $32.4 million. For the year ended December 31, 2008, combined fixed charges and preferred share dividends exceeded earnings by approximately $16.0 million. |