Pebblebrook Hotel Trust (PEB) 10-K 2014 FY Annual report

Exhibit 12.1

PEBBLEBROOK HOTEL TRUST

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(In thousands, except ratios)

		For the year ended December 31,
		2014			2013			2012			2011		2010
	Earnings
	Add:
	Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	66,729		$	36,795		$	22,404		$	13,427	$	(6,722	)
	Fixed charges	30,089			27,799			16,802			14,842		1,688
	Distributed income of equity investees	9,152			1,617			—			—		—
	Total Added Items	105,970			66,211			39,206			28,269		(5,034		)
	Subtract:
	Interest capitalized	—			(206		)	(236		)	—		—
	Total Earnings	$	105,970		$	66,005		$	38,970		$	28,269	$	(5,034	)
	Fixed Charges
	Add:
	Interest expensed	$	27,669		$	23,938		$	13,532		$	12,098	$	1,225
	Interest capitalized	—			206			236			—		—
	Amortized premiums, discounts and capitalized expenses related to indebtedness	(604		)	(259		)	1,400			1,555		415
	Estimate of interest within rental expense	3,024			3,914			1,634			1,189		48
	Total Fixed Charges	30,089			27,799			16,802			14,842		1,688
	Preferred share dividends	25,095			22,969			17,841			10,427		—
	Combined Fixed Charges and Preferred Share Dividends	$	55,184		$	50,768		$	34,643		$	25,269	$	1,688
	Ratio of Earnings to Fixed Charges	3.52			2.37			2.32			1.90		—			(1	)
	Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends	1.92			1.30			1.12			1.12		—			(1	)
	________________
(1)	Earnings for this period were less than zero. The total fixed charges amount for this period was approximately $1,688,000 and the total earnings amount was approximately $(5,034,000). The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $6,722,000. There were no preferred shares outstanding during this period.