Exhibit 12.1
Summit Hotel Properties, Inc.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
|
| Year Ended |
| Year Ended |
| For the Period |
| For the Period |
| Year |
| Year Ended |
| ||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income (loss) from continuing operations |
| $ | 11,519 |
| $ | (7,675 | ) | $ | (6,091 | ) | $ | (4,549 | ) | $ | (20,021 | ) | $ | (15,048 | ) |
Interest expense |
| 20,137 |
| 14,909 |
| 9,993 |
| 3,435 |
| 21,575 |
| 13,800 |
| ||||||
Amortization of financing costs |
| 1,854 |
| 2,288 |
| 1,199 |
| 94 |
| 1,602 |
| 1,750 |
| ||||||
Amortization of capitalized interest |
| 581 |
| 599 |
| 524 |
| 75 |
| 599 |
| 599 |
| ||||||
Total Earnings |
| $ | 34,091 |
| $ | 10,121 |
| $ | 5,625 |
| $ | (945 | ) | $ | 3,755 |
| $ | 1,101 |
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| 20,137 |
| 14,909 |
| 9,993 |
| 3,435 |
| 21,575 |
| 13,800 |
| ||||||
Capitalized interest |
| 400 |
| 53 |
| — |
| — |
| — |
| 3,142 |
| ||||||
Amortization of financing costs |
| 1,854 |
| 2,288 |
| 1,199 |
| 94 |
| 1,602 |
| 1,750 |
| ||||||
Total Fixed Charges |
| $ | 22,391 |
| $ | 17,250 |
| $ | 11,192 |
| $ | 3,529 |
| $ | 23,177 |
| $ | 18,692 |
|
Preferred Dividends |
| 14,590 |
| 4,625 |
| 411 |
| — |
| — |
| — |
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 0.92 | (1) | 0.46 | (2) | 0.48 | (3) | (0.27 | )(4) | 0.16 | (5) | 0.06 | (6) |
(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.
(5) 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 $23.2 million and the total amount of earnings was approximately $3.8 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $19.4 million.
(6) 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 $18.7 million and the total amount of earnings was approximately $1.1 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $17.6 million.