Exhibit 12.1
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
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| Six Months |
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| Ended |
| Year Ended December 31, |
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| June 30, 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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| (In thousands, except ratio amounts) |
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Earnings: |
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Pre-tax income (loss) from continuing operations (including gain on disposal of hotel properties) |
| $ | 104,976 |
| $ | 137,625 |
| $ | 107,622 |
| $ | 44,831 |
| $ | (8,500 | ) | $ | (40,226 | ) |
Fixed charges |
| 28,148 |
| 59,990 |
| 66,268 |
| 85,831 |
| 97,041 |
| 92,846 |
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Amortization of capitalized interest |
| 2 |
| 1 |
| — |
| — |
| — |
| — |
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Capitalized interest |
| (1,232 | ) | (1,134 | ) | — |
| — |
| — |
| — |
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Earnings |
| $ | 131,894 |
| $ | 196,482 |
| $ | 173,890 |
| $ | 130,662 |
| $ | 88,541 |
| $ | 52,620 |
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Fixed charges: |
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Interest expensed (including discontinued operations) |
| $ | 25,843 |
| $ | 56,810 |
| $ | 64,721 |
| $ | 84,997 |
| $ | 96,510 |
| $ | 92,382 |
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Capitalized interest |
| 1,232 |
| 1,134 |
| — |
| — |
| — |
| — |
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Estimated interest component of rental expense |
| 1,073 |
| 2,046 |
| 1,547 |
| 834 |
| 531 |
| 464 |
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Fixed charges |
| 28,148 |
| 59,990 |
| 66,268 |
| 85,831 |
| 97,041 |
| 92,846 |
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Distributions to preferred unitholders |
| — |
| — |
| — |
| — |
| 61 |
| 62 |
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Combined fixed charges |
| $ | 28,148 |
| $ | 59,990 |
| $ | 66,268 |
| $ | 85,831 |
| $ | 97,102 |
| $ | 92,908 |
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Ratio of earnings to combined fixed charges and preferred unitholder distributions |
| 4.69 |
| 3.28 |
| 2.62 |
| 1.52 |
| — |
| — |
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Deficiency |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | (8,561 | ) | $ | (40,288 | ) |
