Exhibit 12.1 |
Chatham Lodging Trust
Computation of Ratio of Earnings to Combined Charges and Preferred Share Dividend(1)
2015 | 2014 | 2013 | 2012 | 2011(2) | ||||||
Calculation of Earnings | ||||||||||
Pretax income (loss) from continuing operations | 32,394 | 67,186 | 3,106 | (1,375 | ) | (9,036 | ) | |||
Plus: Fixed charges | 29,126 | 21,619 | 11,825 | 14,845 | 8,394 | |||||
Plus: Amortization of capitalized interest | — | — | — | — | — | |||||
Plus: Distributed income of equity investees | 8,914 | 2,053 | 13,939 | 21,202 | — | |||||
Plus: Share of pre-tax losses of equity investees for which charges from guarantees are included in fixed charges | — | — | — | — | — | |||||
Less: Interest capitalized | — | — | — | — | — | |||||
Less: Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||
Less: Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||
Total Earnings | 70,434 | 90,858 | 28,870 | 34,672 | (642 | ) | ||||
Fixed Charges | ||||||||||
Interest expense (including amortization of issuance costs) | 27,845 | 21,354 | 11,580 | 14,641 | 8,190 | |||||
Preferred dividends | — | — | — | — | — | |||||
Accruals for guarantees of other parties' obligations | — | — | — | — | — | |||||
Estimated interest component of rental expense | 1,281 | 265 | 245 | 204 | 204 | |||||
Total Combined Fixed Charges and Preferred Share Dividends | 29,126 | 21,619 | 11,825 | 14,845 | 8,394 | |||||
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | 2.42 | 4.20 | 2.44 | 2.34 | — |
(1) | We have not issued preferred shares and, accordingly, no preferred share dividends were declared or paid for any of the periods presented. |
(2) | Earnings for the year ended December 31, 2011 were less than zero. As a result the coverage ratio was less than 1:1. The total fixed charges amount for that period were $8,394,000 and the total earnings amount was $(643,000). The amount of the deficiency, or additional earnings we would need to generate to achieve a coverage ratio of 1:1, was approximately $9,037,000. |