Pebblebrook Hotel Trust (PEB) 10-K 2016 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,
	2016			2015			2014			2013			2012
Earnings
Add:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	138,670		$	91,372		$	66,729		$	36,795		$	22,404
Fixed charges	48,204			43,478			30,089			27,799			16,802
Amortization of capitalized interest	77			15			—			—			—
Distributed income of equity investees	—			13,858			9,152			1,617			—
Total Added Items	186,951			148,723			105,970			66,211			39,206
Subtract:
Interest capitalized	(492		)	(598		)	—			(206		)	(236		)
Total Earnings	$	186,459		$	148,125		$	105,970		$	66,005		$	38,970
Fixed Charges
Add:
Interest expensed	$	42,102		$	38,803		$	27,669		$	23,938		$	13,532
Interest capitalized	492			598			—			206			236
Amortized premiums, discounts and capitalized expenses related to indebtedness	1,513			(29		)	(604		)	(259		)	1,400
Estimate of interest within rental expense	4,097			4,106			3,024			3,914			1,634
Total Fixed Charges	48,204			43,478			30,089			27,799			16,802
Preferred share dividends	19,679			25,965			25,095			22,969			17,841
Combined Fixed Charges and Preferred Share Dividends	$	67,883		$	69,443		$	55,184		$	50,768		$	34,643
Ratio of Earnings to Fixed Charges	3.87			3.41			3.52			2.37			2.32
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends	2.75			2.13			1.92			1.30			1.12