Exhibit 12.1
Summit Hotel Properties, Inc |
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(Dollars in Thousands) |
Summit Hotel Properties, Inc. | Summit Hotel Properties, LLC (Predecessor) | |||||||||||||||||||||||||||||
Year Ended 12/31/12 | For the Period 2/14/11 through 12/31/11 | For the Period 1/1/11 through 2/13/11 | Year Ended 12/31/10 | Year Ended 12/31/09 | Year Ended 12/31/08 | |||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||
Pre-tax income (loss) from | ||||||||||||||||||||||||||||||
continuing operations | $ | (4,865 | ) | $ | (7,293 | ) | $ | (5,462 | ) | $ | (20,857 | ) | $ | (17,510 | ) | $ | 2,816 | |||||||||||||
Interest expense | 15,585 | 12,604 | 4,417 | 24,902 | 17,025 | 16,111 | ||||||||||||||||||||||||
Amortization of financing costs | 2,298 | 2,041 | 152 | 1,822 | 2,015 | 1,565 | ||||||||||||||||||||||||
Amortization of capitalized | ||||||||||||||||||||||||||||||
interest | 599 | 524 | 75 | 599 | 599 | 443 | ||||||||||||||||||||||||
Total Earnings | $ | 13,617 | $ | 7,876 | $ | (818 | ) | $ | 6,466 | $ | 2,129 | $ | 20,935 | |||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||
Interest expense | $ | 15,585 | $ | 12,604 | $ | 4,417 | $ | 24,902 | $ | 17,025 | $ | 16,111 | ||||||||||||||||||
Capitalized interest | 53 | - | - | - | 3,142 | 3,829 | ||||||||||||||||||||||||
Amortization of financing costs | 2,298 | 2,041 | 152 | 1,822 | 2,015 | 1,565 | ||||||||||||||||||||||||
Total Fixed Charges | $ | 17,936 | $ | 14,645 | $ | 4,569 | $ | 26,724 | $ | 22,182 | $ | 21,505 | ||||||||||||||||||
Preferred Dividends | $ | 4,625 | $ | 411 | - | - | - | - | ||||||||||||||||||||||
Ratio of Earnings to | ||||||||||||||||||||||||||||||
Combined Fixed Charges and | ||||||||||||||||||||||||||||||
Preferred Stock Dividends | 0.60 | (1) | 0.52 | (2) | (0.18 | ) | (3) | 0.24 | (4) | 0.10 | (5) | 0.97 | (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 $22.5 million and the total amount of earnings was approximately $13.6 million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $8.9 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 $15.1 million and the total amount of earnings was approximately $7.9 million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $7.2 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 $4.6 million and the total amount of earnings was approximately $(.8) million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $5.4 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 $26.7 million and the total amount of earnings was approximately $6.5 million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $20.2 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 $22.2 million and the total amount of earnings was approximately $2.1 million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $20.1 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 $21.5 million and the total amount of earnings was approximately $20.9 million. The amount of the deficiency, or the amount of fixed charges and preferred | |||||||||||||||
stock dividends in excess of earnings, was approximately $.6 million. |