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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| | Year Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended June 30, 2017 | ||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Earnings | |||||||||||||||||||
Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests | $ | (20,749 | ) | $ | (57,250 | ) | $ | 310,523 | $ | (40,465 | ) | $ | (46,949 | ) | $ | (56,385 | ) | ||
Amount recorded for equity in (earnings) loss of unconsolidated entities | 2,901 | 6,110 | 6,831 | (2,495 | ) | 23,404 | 20,833 | ||||||||||||
Add: | |||||||||||||||||||
Distributions of earnings from unconsolidated entities | — | — | 996 | 995 | — | — | |||||||||||||
Interest on indebtedness, net of premiums | 101,890 | 199,870 | 168,834 | 107,598 | 133,697 | 140,066 | |||||||||||||
Amortization of loan costs | 8,371 | 24,097 | 18,680 | 7,237 | 7,772 | 6,194 | |||||||||||||
Interest component of operating leases | 142 | 343 | 288 | 115 | 341 | 354 | |||||||||||||
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$ | 92,555 | $ | 173,170 | $ | 506,152 | $ | 72,985 | $ | 118,265 | $ | 111,062 | ||||||||
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Fixed charges | |||||||||||||||||||
Interest on indebtedness, net of premiums | $ | 101,890 | $ | 199,870 | $ | 168,834 | $ | 107,598 | $ | 133,697 | $ | 140,066 | |||||||
Amortization of loan costs | 8,371 | 24,097 | 18,680 | 7,237 | 7,772 | 6,194 | |||||||||||||
Interest component of operating leases | 142 | 343 | 288 | 115 | 341 | 354 | |||||||||||||
Dividends to Class B unit holders | — | 2,110 | 2,813 | 2,879 | 2,943 | 2,943 | |||||||||||||
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$ | 110,403 | $ | 226,420 | $ | 190,615 | $ | 117,829 | $ | 144,753 | $ | 149,557 | ||||||||
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Preferred stock dividends | |||||||||||||||||||
Preferred Series A | $ | 1,771 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,516 | |||||||
Preferred Series D | 10,001 | 20,002 | 20,002 | 20,002 | 20,002 | 19,869 | |||||||||||||
Preferred Series E | — | 6,280 | 10,418 | 10,418 | 10,418 | 10,417 | |||||||||||||
Preferred Series F | 4,425 | 4,130 | — | — | — | — | |||||||||||||
Preferred Series G | 5,715 | 2,318 | — | — | — | — | |||||||||||||
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$ | 21,912 | $ | 36,272 | $ | 33,962 | $ | 33,962 | $ | 33,962 | $ | 33,802 | ||||||||
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Combined fixed charges and preferred stock dividends | $ | 132,315 | $ | 262,692 | $ | 224,577 | $ | 151,791 | $ | 178,715 | $ | 183,359 | |||||||
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Ratio of earnings to fixed charges | 2.66 | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 2.25 | ||||||||||||||||||
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Deficit (Fixed charges) | $ | 17,848 | $ | 53,250 | $ | 44,844 | $ | 26,488 | $ | 38,495 | |||||||||
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Deficit (Combined fixed charges and preferred stock dividends) | $ | 39,760 | $ | 89,522 | $ | 78,806 | $ | 60,450 | $ | 72,297 | |||||||||
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollars in thousands)