EX-12.1 5 d248961dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

Campus Crest Communities, Inc. and Campus Crest Communities Predecessor

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(In thousands except ratios)

 

     Campus Crest Communities, Inc.     Campus Crest Communities Predecessor  
     Six Months Ended
June 30, 2011		     Period
October 19, 2010
through
December 31, 2010		     Period
January 1, 2010
through
October 18, 2010		     Year Ended December 31,  
         2009     2008     2007     2006  

Earnings:

              

Net loss

    $ (1,115 )    $ (1,605 )   $ (20,652 )    $ (17,223 )    $ (26,907 )    $ (9,362 )    $ (1,998 ) 

Add: Fixed charges

      3,524        2,694        20,921        16,252        16,735        8,446        3,366   

Add: Amortization of capitalized interest

      82        30        113        137        127        82        35   

Less: Capitalized interest

      (789 )      (175 )      (85 )      (381 )      (1,789 )      (1,863 )      (1,412 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)

   $ 1,702      $ 944      $ 297      $ (1,215 )    $ (11,834 )    $ (2,697 )    $ (9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

              

Interest expense (including amortization of deferred financing costs and discounts)

    $ 2,735      $ 2,519      $ 20,836      $ 15,871      $ 14,946      $ 6,583      $ 1,954   

Capitalized interest

      789        175        85        381        1,789        1,863        1,412   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

     3,524        2,694        20,921        16,252        16,735        8,446        3,366   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividend requirements (1) 

      —          —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock dividends

   $ 3,524      $ 2,694      $ 20,921      $ 16,252      $ 16,735      $ 8,446      $ 3,366   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings (loss) to combined fixed charges and preferred stock dividends (2) 

      0.48        0.35        0.01        —   (3)       —   (3)      —   (3)      —   (3)

 

(1) The Company and its Predecessor did not have any preferred stock outstanding for the periods presented.
(2) The shortfall of earnings to fixed charges for the Company for both the six months ended June 30, 2011 and for the period from October 19, 2010 to December 31, 2010 was approximately $1.8 million, and for the Predecessor for the period from January 1, 2010 to October 18, 2010 and for the years ended December 31, 2009, 2008, 2007 and 2006 was approximately $20.6 million, $17.5 million, $28.6 million, $11.1 million and $3.4 million, respectively.
(3) Earnings for the period were less than zero.