Ashford Hospitality Trust (AHT) 10-K 2015 FY Annual report

EXHIBIT 12

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,
	2015		2014			2013			2012			2011
Earnings
Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests	$	311,606	$	(40,465	)	$	(46,949	)	$	(56,385	)	$	9,039
Amount recorded for equity in (earnings) loss of unconsolidated entities	6,831		(2,495		)	23,404			20,833			(14,528		)
Add:
Distributions of earnings from unconsolidated entities	996		995			—			—			—
Interest on indebtedness, net of premiums	168,834		107,598			133,697			140,066			134,585
Amortization of loan costs	18,680		7,237			7,772			6,194			4,648
Interest component of operating leases	288		115			341			354			385
	$	507,235	$	72,985		$	118,265		$	111,062		$	134,129
Fixed charges
Interest on indebtedness, net of premiums	$	168,834	$	107,598		$	133,697		$	140,066		$	134,585
Amortization of loan costs	18,680		7,237			7,772			6,194			4,648
Interest component of operating leases	288		115			341			354			385
Dividends to Class B unit holders	2,813		2,879			2,943			2,943			2,943
	$	190,615	$	117,829		$	144,753		$	149,557		$	142,561
Preferred stock dividends
Preferred Series A	$	3,542	$	3,542		$	3,542		$	3,516		$	3,180
Preferred Series B-1	—		—			—			—			1,374
Preferred Series D	20,002		20,002			20,002			19,869			18,940
Preferred Series E	10,418		10,418			10,418			10,417			6,019
	$	33,962	$	33,962		$	33,962		$	33,802		$	29,513
Combined fixed charges and preferred stock dividends	$	224,577	$	151,791		$	178,715		$	183,359		$	172,074
Ratio of earnings to fixed charges	2.66
Ratio of earnings to combined fixed charges and preferred stock dividends	2.26
Deficit (Fixed charges)			$	44,844		$	26,488		$	38,495		$	8,432
Deficit (Combined fixed charges and preferred stock dividends)			$	78,806		$	60,450		$	72,297		$	37,945