Exhibit 12.1
Summit Hotel Properties, Inc.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
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| For the Period |
| For the Period |
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| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| 2/14/11 through |
| 1/1/11 through |
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| 12/31/2015 |
| 12/31/2014 |
| 12/31/2013 |
| 12/31/2012 |
| 12/31/2011 |
| 2/13/2011 |
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Earnings |
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Pre-tax income (loss) from continuing operations |
| $ | 125,809 |
| $ | 21,175 |
| $ | 11,519 |
| $ | (7,675 | ) | $ | (6,091 | ) | $ | (4,549 | ) |
Interest expense |
| 28,691 |
| 26,968 |
| 20,137 |
| 14,909 |
| 9,993 |
| 3,435 |
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Amortization of financing costs |
| 1,723 |
| 1,549 |
| 1,854 |
| 2,288 |
| 1,199 |
| 94 |
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Amortization of capitalized interest |
| 348 |
| 463 |
| 581 |
| 599 |
| 524 |
| 75 |
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Total Earnings |
| $ | 156,571 |
| $ | 50,155 |
| $ | 34,091 |
| $ | 10,121 |
| $ | 5,625 |
| $ | (945 | ) |
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Fixed Charges |
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Interest expense |
| $ | 28,691 |
| $ | 26,968 |
| $ | 20,137 |
| $ | 14,909 |
| $ | 9,993 |
| $ | 3,435 |
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Capitalized interest |
| 75 |
| 253 |
| 453 |
| 53 |
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| — |
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| — |
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Amortization of financing costs |
| 1,723 |
| 1,549 |
| 1,854 |
| 2,288 |
| 1,199 |
| 94 |
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Total Fixed Charges |
| $ | 30,489 |
| $ | 28,770 |
| $ | 22,444 |
| $ | 17,250 |
| $ | 11,192 |
| $ | 3,529 |
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Preferred Dividends |
| $ | 16,588 |
| $ | 16,588 |
| $ | 14,590 |
| $ | 4,625 |
| $ | 411 |
| $ | — |
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 3.33 | (1) | 1.11 | (2) | 0.92 | (3) | 0.46 | (4) | 0.48 | (5) | (0.27 | )(6) |
(1) Earnings were more than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $47.1 million and the total amount of earnings was approximately $156.6 million. The amount of the adequacy, or the amount of earnings in excess of fixed charges and preferred stock dividends, was approximately $109.5 million.
(2) Earnings were more than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $45.4 million and the total amount of earnings was approximately $50.2 million. The amount of the adequacy, or the amount of earnings in excess of fixed charges and preferred stock dividends, was approximately $4.8 million.
(3) 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.
(4) 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.
(5) 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.
(6) 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.