EX-12 3 l05054aexv12.htm EXHIBIT 12 STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12
 

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,
    2003
   2002
   2001
   2000
   1999
Computation of earnings:
                                        
Income (loss) before gain (loss) on sale/disposal of assets, discontinued operations and cumulative effect of change in accounting principle
   $ (3,733 )   $ (498 )   $ (25,947 )   $ 9,407     $ 15,573  
Plus: Equity in (income) loss of unconsolidated joint ventures
     870       2,040       (589 )     (68 )     (23 )
Plus: Minority interest
     (3,107 )     (533 )     (2,702 )     1,003       1,406  
 
    
 		      
 		      
 		      
 		      
 		  
Pretax income from continuing operations before adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees:
     (5,970 )     1,009       (29,238 )     10,342       16,956  
Plus: Fixed charges
     19,067       22,102       22,332       25,134       20,643  
Plus: Amortization of capitalized interest
     706       —     —     —     —
Plus: Distributed income of equity investees
     572       148       1,380       405       —  
Less: Capitalized interest
   (448 )     (74 )   —     —     —
Less: Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     1,102       (133 )     193       (534 )     (399 )
 
    
 		      
 		      
 		      
 		      
 		  
Earnings and fixed charges:
   $ 15,029     $ 23,052     $ (5,333 )   $ 35,347     $ 37,200  
 
    
 		      
 		      
 		      
 		      
 		  
Computation of fixed charges:
                                        
Consolidated interest expense and capitalized interest
   $ 16,537     $ 19,370     $ 20,805     $ 23,546     $ 19,534  
Consolidated amortization of deferred financing costs
     1,927       2,125       1,149       1,166       738  
Plus: estimated interest element of rentals on consolidated entities
     603       607       378       422       371  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges:
   $ 19,067     $ 22,102     $ 22,332     $ 25,134     $ 20,643  
 
    
 		      
 		      
 		      
 		      
 		  
Plus: preferred dividend
     4,751       1,109       —       —       —  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges and preferred stock dividends:
   $ 23,818     $ 23,211     $ 22,332     $ 25,134     $ 20,643  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     0.8       1.0       (0.2 )     1.4       1.8  
Ratio of earnings to fixed charges and preferred stock dividends
     0.6       1.0       (0.2 )     1.4       1.8  
Deficiency of earnings to fixed charges
   $ 4,038     $ —     $ 27,665     $ —     $ —  
Deficiency of earnings to fixed charges and preferred stock dividends
   $ 8,789     $ —     $ 27,665     $ —     $ —