Braemar Hotels & Resorts (BHR) 10-Q 2017 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, 2017		2016		2015			2014		2013			2012
Earnings
Income (loss) from continuing operations before provision for income taxes and noncontrolling interests	$	98	$	25,894	$	(4,428	)	$	4,635	$	(15,585	)	$	591
Amount recorded for equity in (earnings) loss of unconsolidated entity	—		2,587		2,927			—		—			—
Add:
Interest on indebtedness	15,735		37,712		35,254			37,203		32,266			29,991
Amortization of loan costs	2,398		3,169		2,575			1,828		745			1,253
Interest component of operating leases	223		431		353			264		227			220
	$	18,454	$	69,793	$	36,681		$	43,930	$	17,653		$	32,055
Fixed charges
Interest on indebtedness	$	15,735	$	37,712	$	35,254		$	37,203	$	32,266		$	29,991
Amortization of loan costs	2,398		3,169		2,575			1,828		745			1,253
Interest component of operating leases	223		431		353			264		227			220
	$	18,356	$	41,312	$	38,182		$	39,295	$	33,238		$	31,464
Preferred stock dividends
Series A Preferred Stock	$	—	$	—	$	1,867		$	—	$	—		$	—
Series B Preferred Stock	3,380		3,860		119			���		—			—
	$	3,380	$	3,860	$	1,986		$	—	$	—		$	—
Combined fixed charges and preferred stock dividends	$	21,736	$	45,172	$	40,168		$	39,295	$	33,238		$	31,464
Ratio of earnings to fixed charges	1.01		1.69					1.12					1.02
Ratio of earnings to combined fixed charges and preferred stock dividends			1.55					1.12					1.02
Deficit (Fixed charges)					$	1,501				$	15,585
Deficit (Combined fixed charges and preferred stock dividends)	$	3,282			$	3,487				$	15,585