Braemar Hotels & Resorts (BHR) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

	Six Months Ended		Year Ended December 31,
	June 30, 2016		2015			2014		2013			2012		2011
Earnings
Income (loss) from continuing operations before provision for income taxes and noncontrolling interests	$	3,679	$	(4,428	)	$	4,635	$	(15,585	)	$	591	$	2,273
Amount recorded for equity in loss of unconsolidated entity	2,587		2,927			—		—			—		—
Add:
Interest on indebtedness	19,632		35,254			37,203		32,266			29,991		30,525
Amortization of loan costs	1,639		2,575			1,828		745			1,253		1,278
Interest component of operating leases	212		353			264		227			220		182
	$	27,749	$	36,681		$	43,930	$	17,653		$	32,055	$	34,258
Fixed charges
Interest on indebtedness	$	19,632	$	35,254		$	37,203	$	32,266		$	29,991	$	30,525
Amortization of loan costs	1,639		2,575			1,828		745			1,253		1,278
Interest component of operating leases	212		353			264		227			220		182
	$	21,483	$	38,182		$	39,295	$	33,238		$	31,464	$	31,985
Preferred stock dividends
Series A Preferred Stock	$	—	$	1,867		$	—	$	—		$	—	$	—
Series B Preferred Stock	1,872		119			—		—			—		—
	$	1,872	$	1,986		$	—	$	—		$	—	$	—
Combined fixed charges and preferred stock dividends	$	23,355	$	40,168		$	39,295	$	33,238		$	31,464	$	31,985
Ratio of earnings to fixed charges	1.29					1.12					1.02		1.07
Ratio of earnings to combined fixed charges and preferred stock dividends	1.19					1.12					1.02		1.07
Deficit (Fixed charges)			$	1,501				$	15,585
Deficit (Combined fixed charges and preferred stock dividends)			$	3,487				$	15,585