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Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
| Summit Hotel Properties, Inc. | Summit Hotel Properties, LLC (predecessor) | ||||||||||||||||||||
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| For the Three Months Ended 3/31/2016 | For the Year Ended 12/31/2015 | For the Year Ended 12/31/2014 | For the Year Ended 12/31/2013 | For the Year Ended 12/31/2012 | For the Period 2/14/11 through 12/31/2011 | For the Period 1/1/11 through 2/13/2011 | |||||||||||||||
Earnings | ||||||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 50,305 | $ | 125,809 | $ | 21,175 | $ | 11,519 | $ | (7,675 | ) | $ | (6,091 | ) | $ | (4,549 | ) | |||||
Interest expense | 6,920 | 28,691 | 26,968 | 20,137 | 14,909 | 9,993 | 3,435 | |||||||||||||||
Amortization of financing costs | 563 | 1,723 | 1,549 | 1,854 | 2,288 | 1,199 | 94 | |||||||||||||||
Amortization of capitalized interest | 66 | 348 | 463 | 581 | 599 | 524 | 75 | |||||||||||||||
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Total Earnings | $ | 57,854 | $ | 156,571 | $ | 50,155 | $ | 34,091 | $ | 10,121 | $ | 5,625 | $ | (945 | ) | |||||||
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Fixed Charges | ||||||||||||||||||||||
Interest expense | $ | 6,920 | $ | 28,691 | $ | 26,968 | $ | 20,137 | $ | 14,909 | $ | 9,993 | $ | 3,435 | ||||||||
Capitalized interest | — | 75 | 253 | 453 | 53 | — | — | |||||||||||||||
Amortization of financing costs | 563 | 1,723 | 1,549 | 1,854 | 2,288 | 1,199 | 94 | |||||||||||||||
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Total Fixed Charges | $ | 7,483 | $ | 30,489 | $ | 28,770 | $ | 22,444 | $ | 17,250 | $ | 11,192 | $ | 3,529 | ||||||||
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Preferred Dividends | $ | 4,147 | $ | 16,588 | $ | 16,588 | $ | 14,590 | $ | 4,625 | $ | 411 | $ | — | ||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 4.97 | 3.33 | 1.11 | 0.92 | (1) | 0.46 | (2) | 0.48 | (3) | (0.27 | )(4) |
- (1)
- For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $37.0 million and the total amount of earnings was approximately $34.1 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $2.9 million.
- (2)
- For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $21.9 million and the total amount of earnings was approximately $10.1 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $11.8 million.
- (3)
- For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $11.6 million and the total amount of earnings was approximately $5.6 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $6.0 million.
- (4)
- For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $3.5 million and the total amount of earnings was approximately $(0.9) million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $4.5 million.
Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Dollars in Thousands)