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, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Earnings | |||||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests | $ | (90,978 | ) | $ | (57,250 | ) | $ | 310,523 | $ | (40,465 | ) | $ | (46,949 | ) | |||||
| Amount recorded for equity in (earnings) loss of unconsolidated entities | 5,866 | 6,110 | 6,831 | (2,495 | ) | 23,404 | |||||||||||||
| Add: | |||||||||||||||||||
| Distributions of earnings from unconsolidated entities | — | — | 996 | 995 | — | ||||||||||||||
| Interest on indebtedness, net of premiums | 209,412 | 199,870 | 168,834 | 107,598 | 133,697 | ||||||||||||||
| Amortization of loan costs | 13,219 | 24,097 | 18,680 | 7,237 | 7,772 | ||||||||||||||
| Interest component of operating leases | 267 | 343 | 288 | 115 | 341 | ||||||||||||||
| $ | 137,786 | $ | 173,170 | $ | 506,152 | $ | 72,985 | $ | 118,265 | ||||||||||
| Fixed charges | |||||||||||||||||||
| Interest on indebtedness, net of premiums | $ | 209,412 | $ | 199,870 | $ | 168,834 | $ | 107,598 | $ | 133,697 | |||||||||
| Amortization of loan costs | 13,219 | 24,097 | 18,680 | 7,237 | 7,772 | ||||||||||||||
| Interest component of operating leases | 267 | 343 | 288 | 115 | 341 | ||||||||||||||
| Dividends to Class B unit holders | — | 2,110 | 2,813 | 2,879 | 2,943 | ||||||||||||||
| $ | 222,898 | $ | 226,420 | $ | 190,615 | $ | 117,829 | $ | 144,753 | ||||||||||
| Preferred stock dividends | |||||||||||||||||||
| Preferred Series A | $ | 2,539 | $ | 3,542 | $ | 3,542 | $ | 3,542 | $ | 3,542 | |||||||||
| Preferred Series D | 18,211 | 20,002 | 20,002 | 20,002 | 20,002 | ||||||||||||||
| Preferred Series E | — | 6,280 | 10,418 | 10,418 | 10,418 | ||||||||||||||
| Preferred Series F | 8,849 | 4,130 | — | — | — | ||||||||||||||
| Preferred Series G | 11,430 | 2,318 | — | — | — | ||||||||||||||
| Preferred Series H | 2,494 | — | — | — | — | ||||||||||||||
| Preferred Series I | 1,238 | — | — | — | — | ||||||||||||||
| $ | 44,761 | $ | 36,272 | $ | 33,962 | $ | 33,962 | $ | 33,962 | ||||||||||
| Combined fixed charges and preferred stock dividends | $ | 267,659 | $ | 262,692 | $ | 224,577 | $ | 151,791 | $ | 178,715 | |||||||||
| Ratio of earnings to fixed charges | 2.66 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.25 | ||||||||||||||||||
| Deficit (Fixed charges) | $ | 85,112 | $ | 53,250 | $ | 44,844 | $ | 26,488 | |||||||||||
| Deficit (Combined fixed charges and preferred stock dividends) | $ | 129,873 | $ | 89,522 | $ | 78,806 | $ | 60,450 | |||||||||||