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)
| Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||
| September 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
| Earnings | |||||||||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests | $ | (50,742 | ) | $ | (57,250 | ) | $ | 310,523 | $ | (40,465 | ) | $ | (46,949 | ) | $ | (56,385 | ) | ||||||
| Amount recorded for equity in (earnings) loss of unconsolidated entities | 3,580 | 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 | 156,303 | 199,870 | 168,834 | 107,598 | 133,697 | 140,066 | |||||||||||||||||
| Amortization of loan costs | 10,921 | 24,097 | 18,680 | 7,237 | 7,772 | 6,194 | |||||||||||||||||
| Interest component of operating leases | 203 | 343 | 288 | 115 | 341 | 354 | |||||||||||||||||
| $ | 120,265 | $ | 173,170 | $ | 506,152 | $ | 72,985 | $ | 118,265 | $ | 111,062 | ||||||||||||
| Fixed charges | |||||||||||||||||||||||
| Interest on indebtedness, net of premiums | $ | 156,303 | $ | 199,870 | $ | 168,834 | $ | 107,598 | $ | 133,697 | $ | 140,066 | |||||||||||
| Amortization of loan costs | 10,921 | 24,097 | 18,680 | 7,237 | 7,772 | 6,194 | |||||||||||||||||
| Interest component of operating leases | 203 | 343 | 288 | 115 | 341 | 354 | |||||||||||||||||
| Dividends to Class B unit holders | — | 2,110 | 2,813 | 2,879 | 2,943 | 2,943 | |||||||||||||||||
| $ | 167,427 | $ | 226,420 | $ | 190,615 | $ | 117,829 | $ | 144,753 | $ | 149,557 | ||||||||||||
| Preferred stock dividends | |||||||||||||||||||||||
| Preferred Series A | $ | 2,539 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,516 | |||||||||||
| Preferred Series D | 14,891 | 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 | 6,637 | 4,130 | — | — | — | — | |||||||||||||||||
| Preferred Series G | 8,573 | 2,318 | — | — | — | — | |||||||||||||||||
| Preferred Series H | 712 | — | — | — | — | — | |||||||||||||||||
| $ | 33,352 | $ | 36,272 | $ | 33,962 | $ | 33,962 | $ | 33,962 | $ | 33,802 | ||||||||||||
| Combined fixed charges and preferred stock dividends | $ | 200,779 | $ | 262,692 | $ | 224,577 | $ | 151,791 | $ | 178,715 | $ | 183,359 | |||||||||||
| Ratio of earnings to fixed charges | 2.66 | ||||||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.25 | ||||||||||||||||||||||
| Deficit (Fixed charges) | $ | 47,162 | $ | 53,250 | $ | 44,844 | $ | 26,488 | $ | 38,495 | |||||||||||||
| Deficit (Combined fixed charges and preferred stock dividends) | $ | 80,514 | $ | 89,522 | $ | 78,806 | $ | 60,450 | $ | 72,297 | |||||||||||||