EX-12 5 l12279aexv12.txt EX-12 COMPUTATION OF RATIOS 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, ---------------------------------------------------------------- 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- 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 -------- -------- -------- -------- -------- 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) -------- -------- -------- -------- -------- Earnings and fixed charges: $ 10,342 $ 14,724 $ 19,715 $ (5,674) $ 29,131 ======== ======== ======== ======== ======== 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 -------- -------- -------- -------- -------- Fixed charges: $ 15,744 $ 17,820 $ 20,837 $ 21,138 $ 23,942 -------- -------- -------- -------- -------- Plus: preferred dividend 4,751 4,751 1,109 -- -- -------- -------- -------- -------- -------- Fixed charges and preferred stock dividends: $ 20,495 $ 22,571 $ 21,946 $ 21,138 $ 23,942 ======== ======== ======== ======== ======== 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 $--