EX-12.1 5 v369959_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

Campus Crest Communities, Inc. and

Campus Crest Communities Predecessor

Ratio of Earnings to Fixed Charges

	The Company												Predecessor
	Nine Months Ended September 30, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Period October 19, 2010 through December 31, 2010⁽¹⁾			Period January 1, 2010 through October 18, 2010⁽¹⁾			Year Ended December 31, 2009			Year Ended December 31, 2008
	(dollars in thousands)
Earnings:
Income (loss) from continuing operations before taxes, noncontrolling interests and equity in earnings of unconsolidated subsidiaries	$	6,081		$	10,128		$	5,336		$	(799	)	$	(18,380	)	$	(13,631	)	$	(26,097	)
Add: Fixed charges		11,054			13,930			8.838			2,324			19,464			14,113			16,735
Add: Distributions of earnings from unconsolidated entities		—			766			—			—			—			—			—
Add: Amortization of capitalized interest		143			113			53			1			113			137			127
Less: Capitalized interest		(2,290	)		(2,385	)		(1,950	)		(175	)		(85	)		(381	)		(1,789	)
Total earnings (loss)	$	14,988		$	22,552		$	12,277		$	1,351		$	1,112		$	238		$	(11,024	)

Fixed charges:
Interest expense (excluding amortization of deferred financing costs)	$	7,675		$	8,707		$	5,550		$	554		$	18,531		$	12,904		$	14,148
Amortization of deferred financing costs		1,089			2,838			1,338			1,595			848			828			798
Capitalized interest		2,290			2,385			1,950			175			85			381			1,789
Combined fixed charges	$	11,054		$	13,930		$	8,838		$	2,324		$	19,464		$	14,113		$	16,735

Ratio of earnings to fixed charges⁽²⁾		1.36	x		1.62	x		1.39	x		0.58	x		0.06	x		0.02	x		—	(3)

(1)

Our initial public offering was completed October 19, 2010.

(2)

The shortfall of earnings to combined fixed charges and earnings to combined fixed charges and preferred stock dividends for Campus Crest Communities, Inc. for the period October 19, 2010 through December 31, 2010 was approximately $1.6 million and for the Company Predecessor for the period January 1, 2010 through October 18, 2010 and for the years ended December 31, 2009, 2008 was approximately $20.4 million, $17.4 million and $27.8 million respectively.

(3)

Earnings for the period were less than zero.