Exhibit 12.1
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
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| Three Months |
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| Ended |
| Year Ended December 31, |
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| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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| (In thousands, except ratio amounts) |
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Earnings: |
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Pre-tax income from continuing operations (including gain/loss on disposal of hotel properties) |
| $ | 22,943 |
| $ | 209,504 |
| $ | 180,686 |
| $ | 137,625 |
| $ | 107,622 |
| $ | 44,831 |
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Fixed charges |
| 14,865 |
| 60,973 |
| 58,715 |
| 59,990 |
| 66,268 |
| 85,831 |
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Amortization of capitalized interest |
| 18 |
| 73 |
| 29 |
| 1 |
| — |
| — |
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Capitalized interest |
| — |
| — |
| (1,774 | ) | (1,134 | ) | — |
| — |
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Earnings |
| $ | 37,826 |
| $ | 270,550 |
| $ | 237,656 |
| $ | 196,482 |
| $ | 173,890 |
| $ | 130,662 |
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Fixed charges: |
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Interest expensed (including discontinued operations) |
| $ | 14,328 |
| $ | 58,820 |
| $ | 54,788 |
| $ | 56,810 |
| $ | 64,721 |
| $ | 84,997 |
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Capitalized interest |
| — |
| — |
| 1,774 |
| 1,134 |
| — |
| — |
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Estimated interest component of rental expense |
| 537 |
| 2,153 |
| 2,153 |
| 2,046 |
| 1,547 |
| 834 |
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Fixed charges |
| 14,865 |
| 60,973 |
| 58,715 |
| 59,990 |
| 66,268 |
| 85,831 |
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Distributions to preferred unitholders |
| — |
| — |
| — |
| — |
| — |
| — |
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Combined fixed charges |
| $ | 14,865 |
| $ | 60,973 |
| $ | 58,715 |
| $ | 59,990 |
| $ | 66,268 |
| $ | 85,831 |
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Ratio of earnings to combined fixed charges and preferred unitholder distributions |
| 2.54 |
| 4.44 |
| 4.05 |
| 3.28 |
| 2.62 |
| 1.52 |
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