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.