Braemar Hotels & Resorts (BHR) 10-Q 2018 Q1 Quarterly report

EXHIBIT 12

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

	Three Months Ended		Year Ended December 31,
	March 31, 2018		2017		2016		2015			2014		2013
Earnings
Income (loss) from continuing operations before provision for income taxes and noncontrolling interests	$	4,842	$	27,802	$	25,894	$	(4,428	)	$	4,635	$	(15,585	)
Amount recorded for equity in (earnings) loss of unconsolidated entity	3		—		2,587		2,927			—		—
Add:
Interest on indebtedness	9,191		34,034		37,712		35,254			37,203		32,266
Amortization of loan costs	988		4,903		3,169		2,575			1,828		745
Interest component of operating leases	116		442		431		353			264		227
	$	15,140	$	67,181	$	69,793	$	36,681		$	43,930	$	17,653
Fixed charges
Interest on indebtedness	$	9,191	$	34,034	$	37,712	$	35,254		$	37,203	$	32,266
Amortization of loan costs	988		4,903		3,169		2,575			1,828		745
Interest component of operating leases	116		442		431		353			264		227
	$	10,295	$	39,379	$	41,312	$	38,182		$	39,295	$	33,238
Preferred stock dividends
Series A Preferred Stock	$	—	$	—	$	—	$	1,867		$	—	$	—
Series B Preferred Stock	1,707		6,795		3,860		119			—		—
	$	1,707	$	6,795	$	3,860	$	1,986		$	—	$	—
Combined fixed charges and preferred stock dividends	$	12,002	$	46,174	$	45,172	$	40,168		$	39,295	$	33,238
Ratio of earnings to fixed charges	1.47		1.71		1.69					1.12
Ratio of earnings to combined fixed charges and preferred stock dividends	1.26		1.45		1.55					1.12
Deficit (Fixed charges)							$	1,501				$	15,585
Deficit (Combined fixed charges and preferred stock dividends)							$	3,487				$	15,585