EXHIBIT 12
BOYKIN LODGING COMPANY
COMPUTATION OF RATIOS
OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(AMOUNTS IN THOUSANDS, EXCEPT FOR RATIO AMOUNTS)
YEAR ENDED DECEMBER 31,
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2004 2003 2002 2001 2000
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Computation of earnings:
Income (loss) before gain (loss) on sale/disposal of
assets, discontinued operations and cumulative
effect of change in accounting principle $ (5,851) $ (2,850) $ (2,256) $(25,161) $ 4,778
Plus: Equity in (income) loss of unconsolidated joint
ventures 814 870 2,040 (589) (68)
Plus: Minority interest (1,738) (1,813) (847) (2,291) 220
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Pretax income from continuing operations before
adjustment for minority interest in consolidated
subsidiaries or income or loss from equity (6,775) (3,793) (1,063) (28,041) 4,930
investees:
Plus: Fixed charges 15,744 17,820 20,837 21,138 23,942
Plus: Amortization of capitalized interest 29 706 -- -- --
Plus: Distributed income of equity investees 1,698 572 148 1,380 405
Less: Capitalized interest (213) (448) (74) -- --
Less: Minority interest in pre-tax income of
subsidiaries that have not incurred fixed charges (141) (133) (133) (151) (146)
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Earnings and fixed charges: $ 10,342 $ 14,724 $ 19,715 $ (5,674) $ 29,131
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Computation of fixed charges:
Consolidated interest expense and capitalized interest $ 13,842 $ 15,371 $ 18,142 $ 19,639 $ 22,380
Consolidated amortization of deferred financing costs 1,367 1,906 2,105 1,129 1,146
Plus: estimated interest element of rentals on
consolidated entities 535 543 590 370 416
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Fixed charges: $ 15,744 $ 17,820 $ 20,837 $ 21,138 $ 23,942
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Plus: preferred dividend 4,751 4,751 1,109 -- --
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Fixed charges and preferred stock dividends: $ 20,495 $ 22,571 $ 21,946 $ 21,138 $ 23,942
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Ratio of earnings to fixed charges 0.7 0.8 0.9 (0.3) 1.2
Ratio of earnings to fixed charges and preferred stock
dividends 0.5 0.7 0.9 (0.3) 1.2
Deficiency of earnings to fixed charges $ 5,402 $ 3,096 $ 1,122 $ 26,812 $--
Deficiency of earnings to fixed charges and preferred stock
dividends $ 10,153 $ 7,847 $ 2,231 $ 26,812 $--