Exhibit 12.2
Campus Crest Communities, Inc. and
Campus Crest Communities Predecessor
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
The Company | Predecessor | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Period October 19, 2010 through December 31, 2010(1) | Period January 1, 2010 through October 18, 2010(1) | Year Ended December 31, 2009 | Year Ended December 31, 2008 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before taxes, noncontrolling interests and equity in earnings of unconsolidated subsidiaries | $ | 6,081 | $ | 10,128 | $ | 5,336 | $ | (799 | ) | $ | (18,380 | ) | $ | (13,631 | ) | $ | (26,097 | ) | ||||||||||
Add: Fixed charges | 14,504 | 18,044 | 8.838 | 2,324 | 19,464 | 14,113 | 16,735 | |||||||||||||||||||||
Add: Distributions of earnings from unconsolidated entities | — | 766 | — | — | — | — | — | |||||||||||||||||||||
Add: Amortization of capitalized interest | 143 | 113 | 53 | 1 | 113 | 137 | 127 | |||||||||||||||||||||
Less: Capitalized interest | (2,290 | ) | (2,385 | ) | (1,950 | ) | (175 | ) | (85 | ) | (381 | ) | (1,789 | ) | ||||||||||||||
Total earnings (loss) | $ | 18,438 | $ | 26,666 | $ | 12,277 | $ | 1,351 | $ | 1,112 | $ | 238 | $ | (11,024 | ) | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (excluding amortization of deferred financing costs) | $ | 7,675 | $ | 8,707 | $ | 5,550 | $ | 554 | $ | 18,531 | $ | 12,904 | $ | 14,148 | ||||||||||||||
Amortization of deferred financing costs | 1,089 | 2,838 | 1,338 | 1,595 | 848 | 828 | 798 | |||||||||||||||||||||
Capitalized interest | 2,290 | 2,385 | 1,950 | 175 | 85 | 381 | 1,789 | |||||||||||||||||||||
Dividends on preferred stock | 3,450 | 4,114 | — | — | — | — | — | |||||||||||||||||||||
Combined fixed charges | $ | 14,504 | $ | 18,044 | $ | 8,838 | $ | 2,324 | $ | 19,464 | $ | 14,113 | $ | 16,735 | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends(2) | 1.27 | x | 1.48 | x | 1.39 | x | 0.58 | x | 0.06 | x | 0.02 | x | — | (3) |
(1) | Our initial public offering was completed October 19, 2010. |
(2) | The shortfall of earnings to combined fixed charges and earnings to combined fixed charges and preferred stock dividends for Campus Crest Communities, Inc. for the period October 19, 2010 through December 31, 2010 was approximately $1.6 million and for the Company Predecessor for the period January 1, 2010 through October 18, 2010 and for the years ended December 31, 2009, 2008 was approximately $20.4 million, $17.4 million and $27.8 million respectively. |
(3) | Earnings for the period were less than zero. |