Exhibit 12.1
Campus Crest Communities, Inc. and Campus Crest Communities Predecessor
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(In thousands except ratios)
Campus Crest Communities, Inc. | Campus Crest Communities Predecessor | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | Period October 19, 2010 through December 31, 2010 | Period January 1, 2010 through October 18, 2010 | Year Ended December 31, | |||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Net loss | $ | (701) | $ | (1,605 | ) | $ | (20,652 | ) | $ | (17,223 | ) | $ | (26,907 | ) | $ | (9,362 | ) | $ | (1,998 | ) | ||||||||
Add: Fixed charges | 5,803 | 2,694 | 20,921 | 16,252 | 16,735 | 8,446 | 3,366 | |||||||||||||||||||||
Add: Amortization of capitalized interest | 128 | 30 | 113 | 137 | 127 | 82 | 35 | |||||||||||||||||||||
Less: Capitalized interest | (1,146) | (175 | ) | (85 | ) | (381 | ) | (1,789 | ) | (1,863 | ) | (1,412 | ) | |||||||||||||||
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Total earnings (loss) | $ | 4,084 | $ | 944 | $ | 297 | $ | (1,215 | ) | $ | (11,834 | ) | $ | (2,697 | ) | $ | (9 | ) | ||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and discounts) | $ | 4,657 | $ | 2,519 | $ | 20,836 | $ | 15,871 | $ | 14,946 | $ | 6,583 | $ | 1,954 | ||||||||||||||
Capitalized interest | 1,146 | 175 | 85 | 381 | 1,789 | 1,863 | 1,412 | |||||||||||||||||||||
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Total fixed charges | 5,803 | 2,694 | 20,921 | 16,252 | 16,735 | 8,446 | 3,366 | |||||||||||||||||||||
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Preferred stock dividend requirements (1) | — | — | — | — | — | — | — | |||||||||||||||||||||
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Combined fixed charges and preferred stock dividends | $ | 5,803 | $ | 2,694 | $ | 20,921 | $ | 16,252 | $ | 16,735 | $ | 8,446 | $ | 3,366 | ||||||||||||||
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Ratio of earnings (loss) to combined fixed charges and preferred stock dividends (2) | 0.70 | 0.35 | 0.01 | — | (3) | — | (3) | — | (3) | — | (3) |
(1) | The Company and its Predecessor did not have any preferred stock outstanding for the periods presented. |
(2) | The shortfall of earnings to fixed charges for the Company for the nine months ended September 30, 2011 and for the period from October 19, 2010 to December 31, 2010 was approximately $1.7 million and $1.8 million, respectively, and for the Predecessor for the period from January 1, 2010 to October 18, 2010 and for the years ended December 31, 2009, 2008, 2007 and 2006 was approximately $20.6 million, $17.5 million, $28.6 million, $11.1 million and $3.4 million, respectively. |
(3) | Earnings for the period were less than zero. |