Hersha Hospitality Trust (HT) 10-K 2010 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,
	2010			2009			2008			2007		2006
Earnings
Pre-tax (loss) income from continuing operations before income (loss) from equity investees	$	(19,930	)	$	(53,576	)	$	(13,004	)	$	11,911	$	2,438
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		45,868			45,183			43,306			41,980		24,183
Distributed income of equity investees		-			400			3,036			4,501		4,578
	$	25,938		$	(7,993	)	$	33,338		$	58,392	$	31,199
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	$	45,868		$	45,183		$	43,306		$	41,980	$	24,183
Interest capitalized		46			10			544			389		-
Preferred share distributions		4,800			4,800			4,800			4,800		4,800
	$	50,714		$	49,993		$	48,650		$	47,169	$	28,983
Ratio of earnings to combined fixed charges and preferred share dividends		*			*			*			1.24		1.08

*     For the year ended December 31, 2010, combined fixed charges and preferred share dividends exceeded earnings by approximately $24,776.  For the year ended December 31, 2009, combined fixed charges and preferred share dividends exceeded earnings by approximately $42,000.  For the year ended December 31, 2008, combined fixed charges and preferred share dividends exceeded earnings by approximately $15,312.