Ashford Hospitality Trust (AHT) 10-Q 2015 Q2 Quarterly report

EXHIBIT 12

ASHFORD HOSPITALITY TRUST, INC.

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

(dollars in thousands)

	Six Months Ended		Year Ended December 31,
	June 30, 2015		2014			2013			2012			2011			2010
Earnings
Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests	$	356,094	$	(40,465	)	$	(46,949	)	$	(56,385	)	$	9,039		$	(26,914	)
Amount recorded for equity in (earnings) loss of unconsolidated entities	4,715		(2,495		)	23,404			20,833			(14,528		)	20,265
Add:
Distributions from equity investment in unconsolidated entities	747		995			—			—			—			492
Interest on indebtedness	75,126		107,598			133,697			140,066			134,585			143,264
Amortization of debt expense and premium	7,004		7,237			7,772			6,194			4,648			5,838
Interest component of operating leases	134		115			341			354			385			525
	$	443,820	$	72,985		$	118,265		$	111,062		$	134,129		$	143,470
Fixed charges
Interest on indebtedness	$	75,126	$	107,598		$	133,697		$	140,066		$	134,585		$	143,264
Amortization of loan costs and premiums	7,004		7,237			7,772			6,194			4,648			5,838
Interest component of operating leases	134		115			341			354			385			525
Dividends to Class B unit holders	1,406		2,879			2,943			2,943			2,943			2,943
	$	83,670	$	117,829		$	144,753		$	149,557		$	142,561		$	152,570
Preferred stock dividends
Preferred Series A	$	1,771	$	3,542		$	3,542		$	3,516		$	3,180		$	3,180
Preferred Series B-1	—		—			—			—			1,374			4,143
Preferred Series D	10,001		20,002			20,002			19,869			18,940			13,871
Preferred Series E	5,209		10,418			10,418			10,417			6,019			—
	$	16,981	$	33,962		$	33,962		$	33,802		$	29,513		$	21,194
Combined fixed charges and preferred stock dividends	$	100,651	$	151,791		$	178,715		$	183,359		$	172,074		$	173,764
Ratio of earnings to fixed charges	5.30
Ratio of earnings to combined fixed charges and preferred stock dividends	4.41
Deficit (Fixed charges)			$	44,844		$	26,488		$	38,495		$	8,432		$	9,100
Deficit (Combined fixed charges and preferred stock dividends)			$	78,806		$	60,450		$	72,297		$	37,945		$	30,294