EX-12.0 13 aht201210-kxex120.htm EXHIBIT 12.0 AHT 2012 10-K - EX 12.0



Exhibit 12.0



ASHFORD HOSPITALITY TRUST, INC.
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
(dollars in thousands)

 
 Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
 Earnings
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests
$
(56,183
)
 
$
9,383

 
$
(26,280
)
 
$
(182,933
)
 
$
101,925

 Amount recorded for (income) loss in unconsolidated joint venture
20,833

 
(14,528
)
 
20,265

 
(2,486
)
 
2,205

 Add:
 
 
 
 
 
 
 
 
 
 Distributions from equity investment in joint venture
—

 
—

 
492

 
873

 
1,800

 Interest on indebtedness
140,066

 
134,585

 
143,264

 
139,390

 
153,116

 Amortization of debt expense and premium
6,194

 
4,648

 
5,838

 
7,700

 
6,747

 Interest component of operating leases
354

 
385

 
525

 
598

 
622

 
$
111,264

 
$
134,473

 
$
144,104

 
$
(36,858
)
 
$
266,415

 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
 
 
 
 
 
 
 
 
 Interest on indebtedness
$
140,066

 
$
134,585

 
$
143,264

 
$
139,390

 
$
153,116

 Amortization of debt expense and premium
6,194

 
4,648

 
5,838

 
7,700

 
6,747

 Interest component of operating leases
354

 
385

 
525

 
598

 
622

 Dividends to Class B unit holders
2,943

 
2,943

 
2,943

 
2,827

 
2,788

 
$
149,557

 
$
142,561

 
$
152,570

 
$
150,515

 
$
163,273

 Preferred stock dividends
 
 
 
 
 
 
 
 
 
 Preferred Series A
$
3,516

 
$
3,180

 
$
3,180

 
$
3,180

 
$
4,855

 Preferred Series B-1
—

 
1,374

 
4,143

 
4,171

 
5,735

 Preferred Series C
—

 
—

 
—

 
—

 
—

 Preferred Series D
19,869

 
18,940

 
13,871

 
11,971

 
16,052

 Preferred Series E
10,417

 
6,019

 
—

 
—

 
—

 
$
33,802

 
$
29,513

 
$
21,194

 
$
19,322

 
$
26,642

 
 
 
 
 
 
 
 
 
 
 Combined fixed charges and preferred stock dividends
$
183,359

 
$
172,074

 
$
173,764

 
$
169,837

 
$
189,915

 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
 
 
 
 
 
 
 
1.63

 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges and preferred stock dividends
 
 
 
 
 
 
 
 
1.40

 
 
 
 
 
 
 
 
 
 
 Deficit (Fixed charges)
$
38,293

 
$
8,088

 
$
8,466

 
$
187,373

 
 
 
 
 
 
 
 
 
 
 
 
 Deficit (Combined fixed charges and preferred stock dividends)
$
72,095

 
$
37,601

 
$
29,660

 
$
206,695