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)
| Six Months Ended | Year Ended December 31, | ||||||||||||||||||||||
| June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Earnings | |||||||||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests | $ | 24,228 | $ | 310,523 | $ | (40,465 | ) | $ | (46,949 | ) | $ | (56,385 | ) | $ | 9,039 | ||||||||
| Amount recorded for equity in (earnings) loss of unconsolidated entities | 3,872 | 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 | 100,054 | 168,834 | 107,598 | 133,697 | 140,066 | 134,585 | |||||||||||||||||
| Amortization of loan costs | 12,351 | 18,680 | 7,237 | 7,772 | 6,194 | 4,648 | |||||||||||||||||
| Interest component of operating leases | 149 | 288 | 115 | 341 | 354 | 385 | |||||||||||||||||
| $ | 140,654 | $ | 506,152 | $ | 72,985 | $ | 118,265 | $ | 111,062 | $ | 134,129 | ||||||||||||
| Fixed charges | |||||||||||||||||||||||
| Interest on indebtedness, net of premiums | $ | 100,054 | $ | 168,834 | $ | 107,598 | $ | 133,697 | $ | 140,066 | $ | 134,585 | |||||||||||
| Amortization of loan costs | 12,351 | 18,680 | 7,237 | 7,772 | 6,194 | 4,648 | |||||||||||||||||
| Interest component of operating leases | 149 | 288 | 115 | 341 | 354 | 385 | |||||||||||||||||
| Dividends to Class B unit holders | 1,406 | 2,813 | 2,879 | 2,943 | 2,943 | 2,943 | |||||||||||||||||
| $ | 113,960 | $ | 190,615 | $ | 117,829 | $ | 144,753 | $ | 149,557 | $ | 142,561 | ||||||||||||
| Preferred stock dividends | |||||||||||||||||||||||
| Preferred Series A | $ | 1,771 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,516 | $ | 3,180 | |||||||||||
| Preferred Series D | 10,001 | 20,002 | 20,002 | 20,002 | 19,869 | 18,940 | |||||||||||||||||
| Preferred Series E | 5,209 | 10,418 | 10,418 | 10,418 | 10,417 | 6,019 | |||||||||||||||||
| $ | 16,981 | $ | 33,962 | $ | 33,962 | $ | 33,962 | $ | 33,802 | $ | 29,513 | ||||||||||||
| Combined fixed charges and preferred stock dividends | $ | 130,941 | $ | 224,577 | $ | 151,791 | $ | 178,715 | $ | 183,359 | $ | 172,074 | |||||||||||
| Ratio of earnings to fixed charges | 1.23 | 2.66 | |||||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 1.07 | 2.25 | |||||||||||||||||||||
| 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 | |||||||||||||||